The city of Oakland contributed to Orange Corporation a tract of land on which to build a

Question:

The city of Oakland contributed to Orange Corporation a tract of land on which to build a plant. When the contribution was made on May 10, 2019, the land’s appraised value was $350,000. Give the general journal entry, if any, necessary to record the receipt of the contribution.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...