On August 17, 2021, Gringotts Corporation issued 3,000 shares of its no-par common stock in exchange for a patent. The market price of the common stock was $38 per share on . Gringotts also received a tract of land from the City of London as an enticement to build a new bank on the site. The land had a fair value of $500,000 and Gringotts was required to pay only $210,000 to secure title to the land. Prepare the journal entries to record the transactions.

1. Record the issue of 5,000 shares of its no-par common stock in exchange for a patent.

2. Record the receipt of land as an enticement which had a fair value of $510,000 and Ellis was required to pay only $200,000 to secure title to the land