Tom Yuppy, a wealthy investor, exchanged a plot of land that originally cost him $42,000 for 1,200 shares of $10 par common stock issued to him by Leuig Corporation On the same date, Leuig Corporation issued an additional 2,400 shares of stock to Yuppy for $35 per share. Required a. What was the value of the land at the date of the stock issue? b. Show the effect of the two stock issues on Leuig's books in a horizontal statements model. c. Prepare the journal entries to record these transactions. Complete this question by entering your answers in the tabs below. Required A Required B Required C What was the value of the land at the date of the stock issue? Value of the land Required B> Tom Yuppy, a wealthy investor, exchanged a plot of land that originally cost him $42,000 for 1,200 shares of $10 par common stock issued to him by Leuig Corporation On the same date, Leuig Corporation issued an additional 2,400 shares of stock to Yuppy for $35 per share. Required a. What was the value of the land at the date of the stock issue? b. Show the effect of the two stock issues on Leuig's books in a horizontal statements model. c. Prepare the journal entries to record these transactions. Check my work Complete this question by entering your answers in the tabs below. Required A Required B Required C Show the effect of the two stock issues on Leuig's books in a horizontal statements model. (In the Statement of Cash Flows column, indicate whether the item is an ope (FA). Leave blank to indicate that an element was not affected by the event.) Event 1-Exchange of land for shares 2-Issue of addtional shares Cash Assets Land LEUIG CORPORATION Horizontal Financial Statements Model Balance Sheet Income Statement Liabilities Stockholders' Equity Stateme Common Stock Paid-in Capital in Revenue Expense Net Income F > Tom Yuppy, a wealthy investor, exchanged a plot of land that originally cost him $42,000 for 1,200 shares of $10 par common stock issued to him by Leuig Corporation On the same date, Leuig Corporation issued an additional 2,400 shares of stock to Yuppy for $35 per share. Required a. What was the value of the land at the date of the stock issue? b. Show the effect of the two stock issues on Leuig's books in a horizontal statements model. c. Prepare the journal entries to record these transactions. Complete this question by entering your answers in the tabs below. Required A Required B Required C Prepare the journal entries to record these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet A B Record the entry for exchange of land with common stock. Note: Enter debits before credits. Event General Journal Debit Credit >