(Answered) Cornett company a tennis racket manufacturing company was

Accounting

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.

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