Beacon Inc. received a gift of land and building in Twin Pines Park as an inducement to relocate. The land and buildings have fair values of $53,000 and $535,000. 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 field.) View transaction list Journal entry worksheet Record the entry on receiving a gift of Land and Building. Note: Enter debits before credits Transaction General Journal Debit Credit 1 Record entry Clear entry View.general Journal