In early January, Sage Hill Corp. purchased land as a building site to house its manufacturing operations in Moose Jaw for $468,400. The municipality donated $174,000 to Sage Hill as an incentive to locate in the area and acquire the land. Prepare entries to record the cash that was exchanged in each of the transactions, assuming the cost reduction method is used. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit (To record purchase of land) (To record collection of grant received)