Exercise $11-11$A Issuing stock for assets other than cash

Tom Yuppy, a wealthy investor, exchanged a plot of land that originally cost him $$25,000$ for $1,000$

shares of $$10$ par common stock issued to him by Leuig Corp. On the same date, Leuig Corp. issued

an additional $2,000$ shares of stock to Yuppy for $$25$ per share.

Required

a$.$ What was the value of the land at the date of the stock issue?

b$.$ Show the effect of the two stock issues on Leuig$$s books in a horizontal statements model like the

following one. 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