On $13$ September $20$X$1,$ Nitish Corp.$$s board of directors moved the company$$s operations into a newly constructed building and declared its old building available for sale. The original cost of the old building was $$18$ million; it was $35\%$ depreciated. Other information is as follows:

On $15$ September, a professional appraisal of the old building estimated its value as $$9$ million.

On $24$ September, Nitish engaged a commercial property developer to place the building on the market for $$9$ million. Despite some softness in the market the developer expects to be able to sell the building within the next nine months. The developer charges a commission of $8\%$ on final sale.

By $31$ December, the commercial real estate market had $$softened$$ considerably. Although the developer held the official asking price at $$9$ million, Nitish and the developer agreed they would consider offers as low as $$7\mathrm{.}5$ million.

Despite receiving several $$lowball$$ offers from prospective buyers over the first two months of $20$X$2,$ Nitish$$s management did not accept any of the offers.

By $31$ March $20$X$2,$ the end of Nitish$$s first reporting quarter, the market had improved considerably. The developer relisted the property at $$10\mathrm{.}5$ million, its newly appraised value.

On $27$ April $20$X$2,$ Nitish$$s board accepted an offer of $$10\mathrm{.}7$ million.

Required:

Prepare the appropriate general journal entries to record the information above