Beacon Incorporated received a gift of land and building in Twin Pines Park as an inducement to relocate. The land and buildings have fair values of $54,000 and $545,000. Required: Prepare the journal entry to record the above transaction. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the entry on receiving a gift of Land and Building. Note: Enter debits before credits