David Co. started a business in 2022. AT time it issued 2,00,000 shares of $2 par common stock for $32 each. In 2027, 50,000 of these shares were purchased for $53 per share by David and held treasury stock. On June 15, 2028, 40,000 of treasury shares were exchanged for a piece of property that had an assessed value of $1,200,000. David stock is actively traded and had a market price of $81 on June 15, 2028. The cost method is used to account for treasury stock. On June 15, what journal entry would be recorded for the acquisition of the property?