Tom Yuppy, a wealthy investor, exchanged a plot of land that originally cost him $26,520 for 1,020 shares of $10 par common stock issued to him by Leuig Corporation On the same date, Leuig Corporation issued an additional 2,040 shares of stock to Yuppy for $26 per share.

Required What was the value of the land at the date of the stock issue?

Show the effect of the two stock issues on Leuigs books in a horizontal statements model.

Prepare the journal entries to record these transactions.