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, Reinhardt should record:
- A credit to revenue of $10,000,000
- A debit to land of $6,400,000
- All of these answer choices are incorrect
- A credit to retained earnings of $10,000,000