Chart of Accounts General Journal Next Level Instructions Next Level A developer of a large shopping center donated a building and land to Hetting Co. without charge. The agreement provided that the company employ 350 people for 10 years. The land was appraised at $50,000 and the building at $42,000 How should the 10-year agreement be reported in the financial statements? If material, the agreement to employ 350 people for 10 years Required: 1. Prepare the jourmal entry to record the acquisition of the land and building 2. Next Level How should the 10-year agreement be reported in the financial statements? Next Level If the title were not to pass until after 10 years, would your answers to Requirements 1 and 2 change? If the title were not to pass until after 10 years, would your answers to Requirements 1 and 2 change? Select the correct answer 3. O Because title would not pass to the company for 10 years, land and building are not recorded on the books of the company. Disclosure of the contingency associated with the title is included in the notes to the financial statements O Even though titile would not pass to the company for 10 years, land and building are still recorded on the books of the company. Disclosure of the contingency associated with the title is included in the notes to the financial statements