Required information [The following information applies to the questions displayed below.) On February 1, 2021, the Xilon Corporation issued 47,000 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 $16 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 $6,800,000. Xilon paid $4,400,000 in cash and the remainder was paid by the city of Monrovia. 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.) View transaction list