Tom Yuppy, a wealthy investor, exchanged a plot of land that originally cost him $33,000 for 1,100 shares of $10 par common stock issued to him by Leuig Corp. On the same date, Leuig Corp. issued an additional 2,200 shares of stock to Yuppy for $30 per share. Required a. What was the value of the land at the date of the stock issue? Value of the land b. Show the effect of the two stock issues on Leuig's books in a horizontal statements model. In the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). Use NA to indicate that an element was not affected by the event. Event 1 - Exchange of land for shares 2- Issue of additional shares Balance Sheet Income Statement Assets Stockholders' Equity Revenue Expense = Net Income Cash Flow Common Cash Land Stock PIC in Excess + + + + = 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 1 2 Record the entry for exchange of land with common stock. Note: Enter debits before credits. Event 1 General Journal Debit Credit Record entry Clear entry View general journal