Cornett Company, a tennis racket manufacturing company, was given $400,000 worth of property from the City of

Question:

Cornett Company, a tennis racket manufacturing company, was given $400,000 worth of property from the City of Lynchburg as an incentive to build a factory there. Prepare the journal entry for Cornett to record the receipt of the land.
What if Cornett Company received the land from a stockholder? Prepare the journal entry for Cornett to record this transaction.