Flip$-$Flop Inc. is a closely held company, only having $20$ equity holders. On $2/29/2024,$ FF purchases land consisting of $20$ different equal$-$sized plots. On this date the land's fair

value is $$14$ million. FF buys the land by issuing $400,000$ shares of its own common stock, with a par value of $$10,$ to the seller. Because $FF\text{'}$s stock is closely held, its fair value is

hard to estimate on specific dates.

On $11/30/2024,$ FF$\text{'}$s board declared a property dividend, which involved paying each of its equity holders $1$ plot of the land it acquired on $\frac{2}{29}.$ The fair value of the land was

$$13\mathrm{.}5$ million on $\frac{11}{30}.$ On $\frac{12}{25}\frac{?}{2024},FF$ signed over the title to each of the $20$ plots of land to the respective equity holders.

Prepare FF$\text{'}$s entries to account for the above transactions. Note: You don't need to account separately for each of the $20$ plots of land; just account for the entire land purchase

and dividend.