E 6-11 On February 1, 2023, the Xilon Corporation issued 5,000 of its no par ordinary shares in exchange Acquisition cost for five acres of land located in the city of Monrovia. On the date of the acquisition, Xilon's ordi- issuance of nary shares had a fair value of $18 per share. An office building was constructed on the site by an equity securities independent contractor. The building was completed on November 2, 2023, at a cost of $600,000 and donation Xilon paid $400,000 in cash and the remainder was paid by the city of Monrovia. OLO6-4 LO6-9 Required: 1. Prepare the journal entries to record the acquisition of the land and the building. 2. Assuming that Xilon prepares its financial statements according to US GAAP, explain how the company will record the acquisition of the office building