May I get some help please with a) and b)

4. A company issues 400 shares of $40 par common stock for land. The fair value was $60 per share at the time of the land purchase (stock sells regularly with an average daily volume of 2,000 shares). he seller had earlier offered to sell the land for $23,600 cash. Competent appraisers value the land at $24,400.

a. Determine the cost used for recording the land acquired.

Cost of land

Answer

b. Record the journal entry on the date of the land's acquisition.