Cheng Company has recently decided to accept a proposal from the City of Bel Aire that publicly owned property with a large warehouse located on it will be donated to Cheng if Cheng will build a branch plant in Bel Aire. The appraised value of the property is $383,000 and of the warehouse is $754,000.

Prepare the entry by Cheng for the receipt of the properties. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)