Putt Company issues 500 shares of $100 preferred stock to Drive Corporation in exchange for land on December 31. This land was carried on Drive's books for $40,000. Required: 1. Prepare the journal entry to record the acquisition of the land for each of the following independent situations: a. The preferred stock is currently selling for $115 per share. No appraisal is available on the land. b. The land is appraised at $65,000. There have been no recent sales of the preferred stock C. The preferred stock is currently selling for $135 per share. The land is appraised at $69,000. 2. Next Level For Requirement 1(C), discuss why you chose the value used in the journal entry. a. The preferred stock is currently selling for $115 per share. No appraisal is available on the land. General Journal Instructions PAGE 1 GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT b. The land is appraised at $65,000. There have been no recent sales of the preferred stock. General Journal Instructions PAGE 1 GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT c. The preferred stock is currently selling for $135 per share. The land is appraised at $69,000. General Journal Instructions PAGE 1 GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT 2. For requirement 1c, why did you choose the value used in your journal entry for the value of the land? $50,000 because it's relevant. $69,000 because it's relevant. $67,500 because it's reliable. $50,000 because it's verifiable