Question: Cheng Company has recently decided to accept a proposal from the City of Bel Aire that publicly owned property with a large warehouse located on

Cheng Company has recently decided to accept a proposal from the City of Bel Aire that publicly owned property with a large warehouse located on it will be donated to Cheng if Cheng will build a branch plant in Bel Aire. The appraised value of the property is $363,000 and of the warehouse is $763,000. Prepare the entry by Cheng for the receipt of the properties. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Accoust Titles and Explanation

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