Instructions A farmer donated a large tract of land and a building to a community group for use as a recreation center. The agreement provided that the recreation center employ 50 people for 10 years. The land was appraised for $150,000 and the building at $75,000. Required: 1. Prepare the journal entry to record the acquisition of the land and building. 2. How should the 10-year agreement be reported in the financial statements