Chase County owned an idle parcel of real estate consisting of land and a factory building. Chase gave title to this realty to Patton Co.

Chase County owned an idle parcel of real estate consisting of land and a factorybuilding. Chase gave title to this realty to Patton Co. as an incentive for Patton toestablish manufacturing operations in the County. Patton paid nothing for this realty, which had a fair market value of $250,000 at the date of the grant. Patton should record this non-monetary transaction as amemo entry only, credit to contribution revenue for $250,000, credit to extraordinary income for $250,000 or credit to donated capital for $250,000

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