Waterway Company obtained land by issuing 2.240 shares of its $10 par value ordinary shares. The land was recently appraised at $85,000. The ordinary shares are actively traded at $40 per share. Prepare the journal entry to record the acquisition of the land. (Credit account titles are automatically Indented when amount is entered. Do not Indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Land 89600 unt common I 22400 67200 Save for Later Last saved 3 minutes ago Saved work will be auto submitted on the due date. Auto-submission can take up to 10 minutes, Attempts: 0 of 1 used Submit