Exercise 11-11A (Algo) Issuing stock for assets other than cash LO 11-4

Tom Yuppy, a wealthy investor, exchanged a plot of land that originally cost him $52,000 for 1,300 shares of $10 par common stock issued to him by Leuig Corporation On the same date, Leuig Corporation issued an additional 2,600 shares of stock to Yuppy for $40 per share. Required

What was the value of the land at the date of the stock issue?

Show the effect of the two stock issues on Leuigs books in a horizontal statements model.

Prepare the journal entries to record these transactions.