On July 1, 2017, Blossom Company received $814,000 cash as compensation for the forced sale (condemnation) of the company's land and building

Subject:AccountingPrice:2.87 Bought7

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On July 1, 2017, Blossom Company received $814,000 cash as compensation for the forced sale (condemnation) of the company's land and building. The state planned to use the property to build a new on-ramp for a nearby highway. The land and building cost $370,000 and $629,000, respectively, when they were acquired. At July 1, 2017, the accumulated depreciation relating to the building amounted to $277, 500. On December 1, 2017, Blossom purchased a piece of replacement property for cash. The new land cost $266, 400, and the new building cost $791, 800.

Prepare the journal entries to record the transactions on July 1 and December 1, 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)