In 2020, Swifty Inc. issued 1,200 shares of $10 par value common stock for land worth $35,500. (a) Prepare Swiftys journal entry to record the transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)

Account Titles and Explanation	Debit	Credit
select an account title Cash Common Stock Land No Entry Paid-in Capital in Excess of ParCommon Stock Paid-in Capital in Excess of ParPreferred Stock Preferred Stock Retained Earnings	enter a debit amount	enter a credit amount
select an account title Cash Common Stock Land No Entry Paid-in Capital in Excess of ParCommon Stock Paid-in Capital in Excess of ParPreferred Stock Preferred Stock Retained Earnings	enter a debit amount	enter a credit amount
select an account title Cash Common Stock Land No Entry Paid-in Capital in Excess of ParCommon Stock Paid-in Capital in Excess of ParPreferred Stock Preferred Stock Retained Earnings	enter a debit amount	enter a credit amount

(b) Indicate the effect the transaction has on cash. select an effect

IncreaseDecreaseNo Effect

(c) Indicate how the transaction is reported on the statement of cash flows.

Swifty Inc. Statement of Cash Flows (Partial) choose the accounting period December 31, 2020For the Year Ended December 31, 2020For the Quarter Ended December 31, 2020
select an opening section name Cash at Beginning of PeriodCash at End of PeriodCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash Used by Financing ActivitiesNet Cash Used by Investing ActivitiesNet Cash Used by Operating ActivitiesNet Decrease in CashNet Increase in CashNoncash Investing and Financing Activities
select an item Preferred Stock Purchase of Land Purchase of Land Through Issuance of Common Stock Issuance of Common Stock Paid-in Capital in Excess of Par-Preferred Stock		$enter a dollar amount