On February 1, 2021, the Xilon Corporation issued 50,000 shares of its no-par 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 $18 per share. An office building was constructed on the site by an independent contractor. The building was completed on November 2, 2021, at a cost of $6,000,000. Xilon paid $4,000,000 in cash and the remainder was paid by the city of Monrovia. Exercise 10-11 (Static) Part 1 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.) Journal entry worksheet 1 2 Record the acquisition of land in exchange for common stock. Note: Enter debits before credits. General Journal Debit Credit Date February 01, 2021 Journal entry worksheet