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 $256,000 (25% related to the land). Clemson Inc. paid transfer costs of $6,400 cash. The building has an estimated remaining life of 25 years (no residual value). 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 Dr. Note: Record debit and credit accounts in alphabetical order using the first letter of the account name. a. transfer of the building and land Account Name Cr. Building 262,400 x Land 65,600 x Cash 4 x Contribution Revenue 196,000 x 0 0 0 Dr. Cr. b. depreciation expense at the end of the first year Account Name Depreciation Expense Accumulated Depreciation 7,840 x 0 . 0 4 X Check