w, on January 1, 2021, Gray purchased an additional investment property that holds a manufacturing plant which Gray leases out to another company. This property was initially recorded at $1,300,000. To date, no other adjustments have been made to this account. The appraised value of this property as at December 31, 2021, is $1,280,000. The manufacturing plant has a useful life of 20 years.

We also have land that had a carrying value of $85,000 as at December 31, 2020. This land had an original cost of $72,000 when purchased in 2018. On December 15, 2021, we sold this land for $92,000 because we were offered a really good price. The realtor agreed to a reduced flat rate commission of 2% of the selling price. To date this sale has not yet been recognised

Prepare the year end journal entry related to manufacturing plant and land under investment in properties.