Skysong Corp., a private company, obtained land by issuing 2,000 of its common shares. The land was appraised at $88,500 by a reliable, independent valuator on the date of acquisition. Last year, Skysong sold 1,900 common shares at $40 per share.

Skysong Corp., a private company, obtained land by issuing 2,000 of its common shares. The land was appraised at $88,500 by a reliable, independent valuator on the date of acquisition. Last year, Skysong sold 1,900 common shares at $40 per share. Prepare the journal entry to record the land acquisition if Skysong elects to prepare financial statements in accordance with IFRS. (Credit account titles are automatically indented when the 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 debit entry before credit entry.) Prepare the journal entry to record the land acquisition if Skysong prepares financial statements in accordance with ASPE. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List debit entry before credit entry.)