On March 8, Kumar Management Inc., a publicly traded company, issued 5,100 preferred shares for cash of $29 per share. On April 20, when the shares were trading at $36, the company issued an additional 2,700 preferred shares in exchange for land with a fair value of $102,700.

Q1) Prepare the journal entry if you were unable to determine the lands fair value on April 20. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)