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Instructions X Putt Company issues 500 shares of $100 preferred stock to Drive Corporation in exchange for land on December 31. This land was carried on Drive's books for $40,000. Required: 1. Prepare the journal entry to record the acquisition of the land for each of the following independent situations. a. The preferred stock is currently selling for $110 per share. No appraisal is available on the land. b. The land is appraised at $70,000. There have been no recent sales of the preferred stock. c. The preferred stock is currently selling for $130 per share. The land is appraised at $66,500. 2. Next Level For Requirement 1(c), discuss why you chose the value used in the journal entry.X Chart of Accounts ASSETS REVENUE 111 Cash 411 Sales Revenue 121 Accounts Receivable 141 Inventory EXPENSES 152 Prepaid Insurance 500 Cost of Goods Sold 180 Land 511 Insurance Expense 181 Equipment 512 Utilities Expense 198 Accumulated Depreciation 521 Salaries Expense 532 Bad Debt Expense LIABILITIES 540 Interest Expense 211 Accounts Payable 541 Depreciation Expense 231 Salaries Payable 559 Miscellaneous Expenses 250 Unearned Revenue 910 Income Tax Expense 261 Income Taxes Payable EQUITY 305 Preferred Stock 311 Common Stock 318 Additional Paid-in Capital on Preferred Stock 320 Additional Paid-in Capital on Common Stock 331 Retained EarningsGeneral Journal X 1. Prepare the journal entry to record the acquisition of the land for each of the following independent situations on December 31: a. The preferred stock is currently selling for $110 per share. No appraisal is available on the land. General Journal Instructions PAGE 1 GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT 1 b. The land is appraised at $70,000. There have been no recent sales of the preferred stock. General Journal Instructionsb. The land is appraised at $70,000. There have been no recent sales of the preferred stock. General Journal Instructions PAGE 1 GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT Nc. The preferred stock is currently selling for $130 per share. The land is appraised at $66,500. General Journal Instructions PAGE 1 GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT 1 2Next Level X 2. For requirement 1c, why did you choose the value used in your journal entry for the value of the land? $50,000 because it's verifiable. $65,000 because it's reliable. O $66,500 because it's relevant. $50,000 because it's relevant