ANSWER ALL PARTS AS SHOWN IN THE PHOTO

$27,000$ shares reacquired by Shamrock Corporation for $$48$ per share were exchanged for undeveloped land that has an appraised

value of $$1,412,000.$ At the time of the exchange, the common stock was trading at $$55$ per share on an organized exchange.

$($a$)$ Prepare the journal entry to record the acquisition of land assuming that the purchase of the stock was originally recorded using

the cost method. ONLY USE COST METHOD