eBook Short Exercise 12-7 (Algorithmic) Issuance of Stock for Noncash Assets Fukul Company issued 20,300 shares of its $1 par yalye cemmon steck in exchange for land that had a fair market value of $100,000. Hide Prepare the journal entries necessary to record the issuance of the stock for the land under each of these conditions: 1. The stock was selling for $7 per share on the day of the transaction. 2. Management attempted to place a value on the common stock but could not do so. If an amount box does not require an entry, leave it blank 1. Issued 20,300 shares of $1 par value common stock for land market value of common stock used to value transaction 2. Issued 20,300 shares of $1 par value common stock for land market value of land used to value transaction