Recording Acquisition of Equipment through Donation A shareholder unconditionally 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 land). Clemson Inc. paid transfer costs of $7,200 cash but did not provide anything to the shareholder in exchange for the building and land. 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