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The president of Carnation Corporation donated a building to Lily Corporation. The building had an original cost of $200,000, a book value of $75,000, and

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The president of Carnation Corporation donated a building to Lily Corporation. The building had an original cost of $200,000, a book value of $75,000, and a fair value of $275,000. Required: Write the journal entry to report the acquisition of the building by Lily Corporation. Account Debit Credit

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