Nova Corporation gives Tell Corporation 33,900 of its no par value common shares in exchange for a parcel of land which it intends to build a factory. At the time of the transaction Novas shares were trading at $10. The land is sitting on Tells books at $350,000. What amount will the land show up as on Novas books?

Required 1: What amount will the land show up as on Novas books? $

Required 2: What amount will Tell Corporation report as a gain (loss) on the transaction? $