Exercise 11-11A Issuing stock for assets other than cash LO 11-4 Tom Yuppy, a wealthy investor, exchanged a plot of land that originally cost him $47,880 for 1,260 shares of $10 par common stock issued to him by Leuig Corp. On the same date, Leuig Corp. issued an additional 2,520 shares of stock to Yuppy for $38 per share. Required a. What was the value of the land at the date of the stock issue? Value of the land b. Record the transactions in a horizontal statements model. (In the Statement of Cash Flows column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). Not all cells in the "Statement of Cash Flows" column may require an input - leave cells blank if there is no corresponding input needed.) Balance Sheet Assets Stockholders' Equity Event Cash + Land Common Stock PIC in Excess + II + 1 - Exchange of land for shares 2 - Issue of additional shares + 11 + Income Statement Revenue Expense Net Income Statement of Cash Flows 1 = = FA IA OA