On March 15, 2024, Els Corporation issued 5,000 shares of its no-par common stock in exchange...

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On March 15, 2024, Els Corporation issued 5,000 shares of its no-par common stock in exchange for a patent On the date of the transaction, the market price of the common stock was $22 per share, Elis also received a tract of land from the City of Montrose as an enticement to build a new office building on the site. The land had a fair value of $510,000 and Ellis was required to pay only $200,000 to secure title to the land Required: 1. Prepare the journal entries to record the transactions under US GAAP 2. Prepare the entry to record the government grant assuming Elis prepares its financial statements according to International Financial Reporting Standards and treats the grant as a liability to be recognized as income over the sand's useful life On March 15, 2024, Els Corporation issued 5,000 shares of its no-par common stock in exchange for a patent On the date of the transaction, the market price of the common stock was $22 per share, Elis also received a tract of land from the City of Montrose as an enticement to build a new office building on the site. The land had a fair value of $510,000 and Ellis was required to pay only $200,000 to secure title to the land Required: 1. Prepare the journal entries to record the transactions under US GAAP 2. Prepare the entry to record the government grant assuming Elis prepares its financial statements according to International Financial Reporting Standards and treats the grant as a liability to be recognized as income over the sand's useful life