(Answered) Question - cheng company has recently decided to accept a

Accounting

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 it will be donated to Cheng if Cheng will build a branch plant in Bel Aire. The appraised value of the property is $396,000 and of the warehouse is $800,000.

Prepare the entry by Cheng for the receipt of the properties.

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