1 Check my work Exercise 11-11A Issuing stock for assets other than cash LO 11-4 16.66 points Tom Yuppy, a wealthy investor, exchanged a plot of land that originally cost him $34,720 for 1,120 shares of $10 par common stock issued to him by Leuig Corp. On the same date, Leuig Corp. issued an additional 2,240 shares of stock to Yuppy for $31 per share. eBook Required a. What was the value of the land at the date of the stock issue? Print References Value of the land b. Show the effect of the two stock issues on Leuig's books in a horizontal statements model. In the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). Use NA to indicate that an element was not affected by the event. b. Show the effect of the two stock issues on Leuig's books in a horizontal statements model. In the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). Use NA to indicate that an element was not affected by the event. Income Statement Assets + Assets Balance Sheet Stockholders' Equity Common PIC in Land = Stock Excess Balance she Revenue - Expense = Net Income Cash Flow Event Cash 1 - Exchange of land for shares + + 2 - Issue of additional shares + + c. Prepare the journal entries to record these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet | 12 Record the entry for exchange of land with common stock. Note: Enter debits before credits. Event General Journal Debit Credit Record entry Clear entry View general journal