In early January, Windsor Corp. purchased land as a building site to house its manufacturing operations in Moose Jaw for $$470,800.$ The municipality donated $$190,000$ to Windsor as an incentive to locate in the area and acquire the land.

Prepare the entries to record the cash transactions, assuming the deferral 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 $0$ for the amounts. List all debit entries before credit entries.$)$

Account Titles and Explanation

Debit

Credit

$($To record purchase of land$)$

$$

$$

$$

$$

$($To record collection of grant received$)$