To raise operating funds, National Distribution Center sold its office building to an insurance company on January 1, 2021, for $800,000 and immediately leased the building back. The operating lease is for the final 12 years of the building's estimated 20-yearremaining useful life. The building has a fair value of $800,000 and a book value of $650,000 (its original cost was $1 million). The rental payments of $100,000 are payable to the insurance company each December 31. The lease has an implicit rate of 9%.(FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: 1. & 2. Prepare the appropriate entries for National Distribution Center on January 1, 2021 and December 31, 2021, 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.)

X Answer is complete but not entirely correct. No Date General Journal Debit Credit 1 January 01, 2021 Cash 800,000 V Accumulated depreciation V 350,000 V Building 1,000,000 Gain on sale-leaseback 150,000 V 2 January 01, 2021 Right-of-use asset 780,519 X Lease payable 780,519 X 3 December 31, 202 Lease payable 31,948 Interest expense 68,052 X Cash 100,000 V 4 December 31, 202 Amortization expense 31,948 X Right-of-use asset V 31,948 X