A company issues $36,400$ shares of $$1$ par common stock with a fair value of $$6$ per share $($based upon a recent sale of $26$ shares$)$ for land. The land is recently appraised at $$208,000$ by independent and competent appraisers. 

 

a$.$ Determine the cost used for recording the land acquired.

b$.$ Record the journal entry on the date of the lands acquisition.