While there are expectations on the county's side, there is no financial liability involved for the company, and there is no exchange. It is just a "gift."

Benjamin acquired a plant site from Monroe County on September 18. The county agreed to give Benjamin the site in exchange for Benjamin's promise to locate a business location on the site. The land has a fair market value of $400,000. Benjamin has agreed to pay property taxes on the site based on the county tax assessor's value of $315,000. This issue is dealing with a "gift." Should Benjamin recognize the land acquired from Monroe County as a contribution? If so, what would be the journal entry? Should there be multiple entries? What are the specific ASC Codifications that justify your answer and equation. (there will be more than one codification required. ASC Codifications must be presented as xxxxxxxx and must come from: asc.fasb.org. Trying to use google will end up with codification numbers that are no longer valid. (Ex. When you google ASC 605-20-25-1, it talks about revenue recognition but when you enter that number into FASB, the topic is Separately Priced Extended Warranty and Product