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The City of Waleska gave a parcel of land to Reinhardt University as part of an agreement requiring Reinhardt to construct a new soccer stadium

The City of Waleska gave a parcel of land to Reinhardt University as part of an agreement requiring Reinhardt to construct a new soccer stadium on the donated land. The land cost the county $6,400,000 when purchased several years ago and had an appraised value of $10,000,000 on the date it was given to the Reinhardt. As a result of the donation, Reinhardtshould record: O A credit to revenue of $10,000,000 O A debit to land of $6,400,000 O All of these answer choices are incorrect O A credit to retained earnings of $10,000,000

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