On 1/1/2020 Your company enters into a contract with a supplier to purchase 50 drilling machinery and to be delivered in the next 2 months the contract specifies that the total price is $500,000 for those 50 machines ($10,000 each ). On 31/12 / 20 , the supplier arrange a party for his loyal customers and your company was invited and received a new car as free gift from the supplier as an appreciation for the fruitful business relationship they have. Prepare the journal entry to record receiving of the car assuming that the market value of the car is \$10,000 .