The following four cases are descriptions of land purchases. For each separate case: a. Determine the cost used for recording the land acquired b. Record the journal entry on the date of the land's acquisition Case One Case Two Case Three Case Four 3. A company's offer to purchase land for $19,200 cash two years ago was rejected. Instead, the company acquires the land by issuing 2,400 shares of $1 par common stock (fair value of the stock is $7.80 per share based on several recent large transactions under normal weekly stock trading volume). a. Determine the cost used for recording the land acquired. Cost of land $ 7,800 x b. Record the journal entry on the date of the land's acquisition. Note: Record your credit accounts in alphabetical order using the first letter of the account name. Account Name Dr. Cr. Land . 0 Common Stock Cash 0 0 * * * X The following four cases are descriptions of land purchases. For each separate case: a. Determine the cost used for recording the land acquired b. Record the journal entry on the date of the land's acquisition Case One Case Two Case Three Case Four 4. A company issues 2,400 shares of $40 par common stock for land. The fair value was $60 per share at the time of the land purchase (stock sells regularly with an average daily volume of 12,000 shares). he seller had earlier offered to sell the land for $141,600 cash. Competent appraisers value the land at $146,400. a. Determine the cost used for recording the land acquired. Cost of land $ 60,000 x b. Record the journal entry on the date of the land's acquisition. Note: Record your credit accounts in alphabetical order using the first letter of the account name. Account Name Land Dr. 60,000 x 0 Common Stock Cash 40,000 x 20,000 x X