To raise operating funds, North American Courler Corporation sold its building on January 1,2018. to an insurance company for $700,000 and lmmediately leased the building back. The lease is for a 10-year perlod ending December 31,2024, at which time ownership of the building will revert to North American Courler. The building has a carrying amount of $530,000 (original cost 1,260,000). The lease requires North American to make payments of $118,862 to the insurance company each December 31. The bullding had a total original useful life of 30 years with no residual value and is being depreciated on a straight-line basis. The lease has an implicit rte of 11%. CA. ot$1. PyofS1. EVAof $1, PVAoSI, EVAD of$1 and PVADots) (Use appropriate factor(s) from the tables provided.) Required: 1. Prepare the appropriate entries for North American on (o) January 1, 2018, to record the transaction and (b) December 31, 2018, to record necessary adjustments 2. Show how North American's December 31, 2018, balance sheet and income statement would reflect the sale-leaseback. Complete this question by entering your answers in the tabs below. Required 1Required 2 Prepare the appropriate entries for North American on (a) January 1, 2018, to record the transaction and (b) December 31, 2018, to record necessary adjustments. (If no entry is required for a transaction/event, select "No journal entry required" In the first account field. Round your intermediate and final answers to nearest whole dollar) View transaction list Journal entry worksheet Record the sale-leaseback