On April 1, 2015, Pavlova Company received a condemnation award of \($410\),000 cash as compensation for the forced sale of the company’s land and building, which stood in the path of a new highway. The land and building cost \($60\),000 and \($280\),000, respectively, when they were acquired. At April 1, 2015, the accumulated depreciation relating to the building amounted to \($160\),000. On August 1, 2015, Pavlova purchased a piece of replacement property for cash. The new land cost \($90\),000, and the new building cost \($380\),000.

Instructions Prepare the journal entries to record the transactions on April 1 and August 1, 2015.