Shamrock Corp., a private company, obtained land by issuing 2,010 of its common shares. The land was appraised at $80,800 by a reliable, independent valuator on the date of acquisition. Last year, Shamrock sold 1,700 common shares at $41 per share.

Prepare the journal entry to record the land acquisition if Shamrock elects to prepare financial statements in accordance with IFRS. (Credit