On May 26, 2012, the xx Corp. acquired a piece of land by issuing 60,000 shares of its $9 par value common stock. The list price of the land was $625,000 and on May 26, 2012, xx's common stock was actively trading in the marketplace at $10 per share. The May 26, 2012 appraisal value of this acquired land was $580,000. Required: Record this May 26, 2012 acquisition of the land by xx