Step 1: Decide cathode and anode.
The species that gets reduced (gains electrons) is the cathode. Here $Fe^{3+}$ becomes $Fe^{2+}$, so iron is the cathode. Iodide is oxidised to iodine, so it is the anode.
Step 2: Use the cell potential formula.
The standard cell potential is \[ E^{\circ}_{cell} = E^{\circ}_{cathode} - E^{\circ}_{anode} \]
Step 3: Plug in the numbers.
$E^{\circ}_{cell} = 0.77 - 0.54 = 0.23$ V. This is positive, so the reaction is spontaneous. That gives us $X = 0.23$ V.
Step 4: Count the electrons.
Each iron gains one electron and there are two irons, so $n = 2$ electrons are transferred.
Step 5: Link potential to the equilibrium constant.
The bridge formula at 298 K is \[ \log K_c = \frac{n\,E^{\circ}_{cell}}{0.0591} \]
Step 6: Do the arithmetic.
$\log K_c = \dfrac{2 \times 0.23}{0.0591} = \dfrac{0.46}{0.0591} \approx 7.79$.
Step 7: Conclusion.
So the answer is X = 0.23 V and $\log K_c = 7.79$. \[ \boxed{0.23,\ 7.79} \]