Required information [The following information applles to the questions displayed below] On February 1, 2021, the Xilon Corporation issued 49,000 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 buliding was constructed on the sire by an independent contractor. The building was completed on November 2,2021 , at a cost of $7,000,000. Xilon paid $4,500,000 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Record the acquisition of land in exchange for common stock. Note: Enter debits before credits. Record the acquisition of a building through purchase and donation. Note: Enter debits before credits