Sunland Tool Supply Company purchased land and a building on April $1,2022,$ for $$386,400.$ The

company paid $$117,600$ in cash and signed a $5\%$ note payable for the balance. At that time, it was

estimated that the land was worth $$153,000$ and the building, $$233,400.$ The building was

estimated to have a $25-$year useful life with a $$39,000$ residual value. The company has a

December $31$ year end, prepares adjusting entries annually, and uses the straight$-$line method for

buildings; depreciation is calculated to the nearest month. The following are related transactions

and adjustments during the next three years.

$2022$

Dec. $31$ Recorded annual depreciation.

$31$ Paid the interest owing on the note payable.

$2023$

Feb. $17$ Paid $$265$ to have the furnace cleaned and serviced.

Dec. $31$ Recorded annual depreciation.

$31$ Paid the interest owing on the note payable.

$31$ The land and building were tested for impairment. The land had a recoverable amoun

$2024$

Jan. $31$ Sold the land and building for $$326,000$ cash: $$118,000$ for the land and $$208,000$ fo

Feb. $1$ Paid the note payable and interest owing.

manually. If no entry isrequired,select $"$No Entry" for the account titles and enter $0$ for the amounts.

List all debit entries before credit entries. Record journal entriesin the order presented in the

problem. Round answersto $0$ decimal places, e$.$g$.5,275.)$

Assume instead that the company sold the land and building on October $31,2024,$ for $$406,000$ cash: $$163,000$ for

the land and $$243,000$ for the building. Prepare the journal entries to record the sale. $($Credit account titles are

automatically indented when the amount is entered. Do not indent manually. If no entry isrequired,select $"$No Entry" for the

account titles and enter $0$ for the amounts. List all debit entries before credit entries. Round answersto $0$ decimal places, e$.$g$.$

$5,275.)$