Beacon Inc. received a gift of land and building in Twin Pines Park as an inducement to relocate. The land and buildings have fair values of $45,000 and $455,000.
Required:
Prepare journal entries to record the above transactions.

Question

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The Answer of Beacon Inc. received a gift of land and building in Twin Pines Park as an inducement to relocate. The land and buildings have fair values of $45,000 and $455,000.
Required:
Prepare journal entries to record the above transactions.