111. On March 15, 211113, Ellis Corporation issued 5,000 shares of its nopar common stool: in exchange for a patent. [in the date of the transaction, the market price of the common stock: was $22 per share. Ellis also received a tract of land from the Cityr of l'v'lontrose as an enticement to build a new ofce building on the site. The land had a fair value of$51_[ll] and Ellis was required to pa'}.r only $2,[l[l to secure title to the land. Required: 1. Prepare the journal entries to record the transactions under LLS. GAAP. 2. Prepare the entry to record the government grant assuming Ellis prepares its financial statements according to International Financial Reporting Standards. Prepare the entry.r according to each of the altematives available under IFRS