cheng company has recently decided to accept a proposal fro the city of bel aire that publicly owned property with a large warehouse located on it

cheng company has recently decided to accept a proposal fro the city of bel aire that publicly owned property with a large warehouse located on it will be donated to cheng if cheng will build a branch plant in bel aire. The appraised value of the property is 490,000 and of the warehouse is 980000. Prepare the entry by cheng for the receipts of the properties