Required information [The following information applies to the questions displayed below] On February 1, 2024, the Xilon Corporation issued 50,000 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 $18 per share. An office bulding was constructed on the site by an independent contractor. The building was completed on November 2 . 2024. at a cost of $6,000,000 Xilon paid $4,000,000 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 transoction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the acquisition of a building through purchase and donation