3. A company's offer to purchase land for $3,200 cash two years ago was rejected. Instead, the company acquires the land by issuing 400 shares of $1 par common stock (fair value of the stock is $7.80 per share based on several recent large transactions under normal weekly stock trading volume). a. Determine the cost used for recording the land acquired. Cost of land Answer

b. Record the journal entry on the date of the land's acquisition.