On February 1, 2016, the Xilon Corporation issued 58,000 shares of its nopar common stock in exchange for five acres of land located in the city of Monrovia. On the date of the acquisition, Xilon's common stock had a fair value of $15 per share. An office building was constructed on the site by an independent contractor. The building was completed on November 2, 2016, at a cost of $7,900,000. Xilon paid $4,950,000 in cash and the remainder was paid by the city of Monrovia Required 1. Prepare the journal entries to record the acquisition of the land and the building. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the acquisition of land in exchange for common stock. Note: Enter debits before credits Date General Journal Debit Credit February 01, 2016 Record entry Clear entry View general journal 2. Assuming that the company prepares its financial statements according to IFRS, explain the alternatives the company has for recording the acquisition of the office building? (Select all that apply.) Same treatment as GAAP Deduct the amount of the grant in determining the initial cost of the office building Record the grant as a liability, deferred income, in the balance sheet and recognize it in the income statement systematically over the office building's useful life