Question

Colin Company has recently decided to accept a proposal from the city of New York that publicly owned property with a large warehouse located on it will be donated to Colin if Colin will build a branch plant in New York. the appraised value of the property is $330,000 and of the warehouse is $825,000.

prepare the journal entries

prepare the entry by Colin for the receipt of the properties

Answer 1

Answer
Accounts Title	Debit	Credit
Land	$     330,000
Building (Warehouse)	$     825,000
Contribution Revenue		$     1,155,000
(To entry recorded for receipt of properties)

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