Beacon Inc. received a gift of land and building in Twin Pines Park as an inducement to relocate. The land and buldings have fair values of $51,000 and $515,000. Required: 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 fleld.) View transaction list Journal entry worksheet 1 Record the entry on receiving a gift of Land and Building. Note: Enter debits before credits. Debit Credit General Journal Transaction View general journal Clear entry Record entry