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On February $1,2024,$ the Xilon Corporation issued $49,000$ shares of its nopar common stock in exchange for five acres of land located in the city of Monrovia. On the date of the acquisition, Xilon's common stock had a fair value of $$18$ per share. An office building was constructed on the site by an independent contractor. The building was completed on November $2,2024,$ at a cost of $$7,000,000.$ Xilon paid $$4,500,000$ in cash and the remainder was paid by the city of Monrovia.

Required:

Assuming that Xilon prepares its financial statements according to U$.$S$.$ GAAP, prepare the journal entries to record the acquisition of the land and the building.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Journal entry worksheet

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Record the acquisition of land in exchange for common stock.