Beacon Inc. received a gift of land and building in Twin Pines Park as an induce

Question

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 $35,000 and $355,000.

Prepare journal entries to record the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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 $35,000 and $355,000.

Explanation / Answer

Land & Building Dr $35,000

To Relocation Compensation $35,000

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