Sheffield Company obtained land by issuing $3,380$ shares of its $$10$ par value common stock. The land was recently appraised at $$146,440.$ The common stock is actively traded at $$42$ per share.

Prepare the journal entry to record the acquisition of the land. $($Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.$)$

Account Titles and Explanation

Debit

Credit