Tom Yuppy, a wealthy investor, exchanged a plot of land that originally cost him $45,880 for 1.240 shares of $10 par common stock issued to him by Leuig Corp. On the same date, Leuig Corp. issued an additional 2.480 shares of stock to Yuppy for $37 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 Flowigolumn, 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. Income Statement Expense Assets Balance Sheet Stockholders' Equity Common Pic in Land Stock Excess Revenue Net Income Cash Flow Event Cash 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. Balance Sheet Stockholders' Equity Land Common PIC in Stock Excess Income Statement Expense * Net Income Assets Revenue Cash Flow Event Cash 1. Exchange of land for shares 2 - Issue of additional shares . Journal entry worksheet