Instructions Putt Company Issues 500 shares of $100 preferred stock to Drive Corporation in exchange for land on December 31. This land was carried on Drive's books for $40,000 Required: 1. Prepare the journal entry to record the acquisition of the land for each of the following independent situations: a. The preferred stock is currently selling for $120 per share. No appraisal is available on the land b. The land is appraised at $60,000. There have been no recent sales of the preferred stock. c. The preferred stock is currently selling for $135 per share. The land is appraised at $69,000. 2. Next Level For Requirement 1(e), discuss why you chose the value used in the journal entry. b. The land is appraised at $60,000. There have been no recent sales of the preferred stock. General Journal Instructions How does grading work? DATE 1 2 3 Dec. 31 Land Preferred Stock ACCOUNT TITLE PAGE 1 GENERAL JOURNAL Score: 33/37 POST. REF DEBIT CREDIT 65,000.00 50,000.00 15,000.00 Additional Paid-in Capital on Preferred Stock c. The preferred stock is currently selling for $135 per share. The land is appraised at $69,000. General Journal Instructions How does grading work? 1 2 3 DATE Dec. 31 Land Preferred Stock GENERAL JOURNAL ACCOUNT TITLE Additional Paid-in Capital on Preferred Stock POST. REF. DEBIT 64,000.00 PAGE 1 Score: 33/37 CREDIT 50,000.00 12,500.00