Central Purchasing Ltd

Central Purchasing Ltd. (CPL) owns the building d uses, it had an original cost 0188,456,000 and accumulated depreclandfl $2,536,800 as of 1 January 20X2. On this date, the building (but not the land) was sold to a real estate investment trust (REMI $7,956,000, which also was the building's fa, value, and simultaneously leased back to CPL. 
The lease has a 15-year term and required payments on 31 December of each year. The payments are $706,000 with no transfev title or purchase option. CPL will pay all of the building's operating and maintenance costs Including property taxes and insurance. CPL's incremental borrowing rate is 9%. The building is being depreciated straight-line with a full year's depreciation in the ye-at of acquisition. 
(PV of $1, PVA of $1, and PVAD of $1.) (Use appropriate factor(s) from the tables provided.) 
Required: 1. Prepare entries for CPL to record the sale and leaseback of the building. (If no entry is required for a transactionievent. salsa "kw journal entry required'. in the first account field. Do not round intermediate calculations.) 
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Journal entry worksheet Record the lease for the building under a sale and leaseback. I Geoeial Junin,