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Beacon Inc. received a gift of land and building in Twin Pines Park as an inducement to relocate. The land and buildings have fair values of $48,000 and $485,000 Required: Prepare journal entries to record the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the entry on receiving a gift of Land and Building Not Enter debits before credits Transaction General Journal Debit Credit During Burns Company's first year of operations, credit sales totaled $180,000 and collections on credit sales totaled $125,000. Burns estimates that bad debit losses will be 10% of credit sales. By year-end, Burns had written off $500 of specific accounts as uncollectible Required: 1. Prepare all appropriate journal entries relative to uncollectible accounts and bad debt expense. 2. Show the year-end balance sheet presentation for accounts receivable Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare all appropriate journal entries relative to uncollectible accounts and bad debt expense. (If io entry is required for a transaction/event, select "No Journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 1 Record the entry to write-off specific accounts