Beacon Inc. received a gift of land and building in Twin Pines Park as an induce
ID: 2474354 • Letter: B
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