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. If no entry is required for a transaction or event, record "No journal entry required" in the first account field.)

No.	Account Titles and Explanation	Debit	Credit

Answer rating: 100% (QA)

A C 1 Account title and explanatio... View the full answer