Swifty Company obtained land by issuing $2,660$ shares of its $$10$ par value common stock. The land was recently appraised at $$126,530.$ The common stock is actively traded at $$46$ 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 $0$ for the amounts. List all debit entries before credit entries.$)$

Account Titles and Explanation

Debit

Credit

Common Stock

Paid$-$in Capital in Excess of Par $-$ Common Stock