Recording Acquisition of Equipment through Donation A shareholder donated a building and the land on which it is located to Clemson Inc. The property was reliably appraised at a value of $288,000 (25% related to the lands. Clemson inc. paid transfer costs of $7,200 cash, The building has an estimated remaining life of 25 years (no residual values Prepare Clemson's entries to record the (a) transfer of the building and land, and (b) depreciation expense at the end of the first year. Assume a full year of depreciation and use of the straight-line method Note: Record debit and credit accounts in alphabetical order using the first letter of the account name a.transfer of the building and land Balding Land Cash Account Name Cantibution Reme depreciation expense at the end of the first year Account Name Depreciation Expense Check Dr. 216000 Cr. 22,000 Dr. 6. 1,600