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On February $1,2024,$ the Xilon Corporation issued $52,000$ 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$$s common stock had a fair value of $$15$ per share. An office building was constructed on the site by an independent contractor. The building was completed on November $2,2024,$ at a cost of $$7,300,000.$ Xilon paid $$4,650,000$ in cash and the remainder was paid by the city of Monrovia.

Required:

$1.$ Assuming that Xilon prepares its financial statements according to U$.$S$.$ GAAP, prepare the journal entries to record the acquisition of the land and the building.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.$[$The following iniomation applies to the questions disolayed belowI

On February $1,2024,$ the xilon Corporation issued $52,000$ shares of its no$-$par common stock in exchange tor five acres of

and located in the city of Moniova On the date of the acquisition. Xilon's common stock had a fair value of $$15$ per share.

An office building was constructed or the site by an independent contractor. The buliding was completed on Novembe $2$

$2024,$ at a cost of $$7,300,000.$ Xion paid $$4,650,000$ in cash and the remainder was paid by the city of Monrovid.

Required:

Assurning that $x$ ilon prepares its financial statements according to US GAAP. prepare the fournal entries to record the acquisition of

the land and the building.

Note: If no entry is required for a trarssaction$/$event$,$ select $"$No Journal entry required" in the first occount field.

Journal entry worksheet

Record the acquisition of land in exchange for common stock.

Nole: Enter gebis tieforecredis