To raise operating funds, National Distribution Center sold its office building to an insurance company on January 1, 2018, for $920,000 and immediately leased the building back. The operating lease is for the final 14 years of the building's estimated 20- year remaining useful life. The building has a fair value of $2,250,000 and a book value of $710,000 (its original cost was $1 million). The rental payments of $220,000 are payable to the insurance company each December 31. The lease has an implicit rate of 10%. Required: 1. & 2. Prepare the appropriate entries for National Distribution Center on January 1, 2018 and December 31, 2018, to record the sale- leaseback and necessary adjustments. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet Record sale of building. Note: Enter debits before credits Date General Journal Debit Credit January 01, 2018 Record entry Clear entry View general journal