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 $120 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 $125 per share. The land is appraised at $64,000. 2. Next Level For Requirement 1(c), discuss why you chose the value used in the journal entry. 2. For requirement 1c, why did you choose the value used in your journal entry for the value of the land? $62,500 because it's reliable. $64,000 because it's relevant. $50,000 because it's verifiable. $50,000 because it's relevant