To raise operating funds, National Distribution Center sold its office building to an insurance company on January 1, 2018, for $940,000 and immediately leased the building back. The operating lease is for the final 10 years of the buildings estimated 20-year remaining useful life. The building has a fair value of $940,000 and a book value of $720,000 (its original cost was $1 million). The rental payments of $240,000 are payable to the insurance company each December 31. The lease has an implicit rate of 8%. 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.)

1 Record sale of building. 2 Record the beginning of the lease for National. 3 Record the lease and interest expense for National. 4 Record the amortization expense for National. Credit Note:journal entry has been entered Record entry Clear entry View general journal