Twenty-five thousand shares reacquired by Pierce Corporation for $48 per share were exchanged for undeveloped land that has an appraised value of $1,700,000. At the time of the exchange, the common stock was tradin at $60 per share on an organizd exchange. A. Prepare the journal entry to record the acquisition of land assuming that the purchase of the stock was originally recorded using the cost method. B. Briefly identify the possible alternaives (includin those that are totall unacceptable) for quantifying the cost of the land and briefly support your choice