Question: Wizard Corp., a private company, obtained land by issuing 2,000 of its no par value common shares. The land was appraised at $85,000 by a

Wizard Corp., a private company, obtained land by issuing 2,000 of its no par value common shares. The land was appraised at $85,000 by a reliable, independent valuator on the date of acquisition. Last year, Wizard sold 1,000 common shares at $41 per share. Prepare the journal entry to record the land acquisition
(a) If Wizard elects to prepare financial statements in accordance with IFRS and
(b) If Wizard prepares financial statements in accordance with ASPE.

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