On July 11, American Lift Corporation, a wholesaler of hydraulic lifts, acquired land in exchange for 5,000 shares of $5 par common stock with a current market price of $32 Journalize the entry to record the transaction ...

July 11 Land 5000 shares 32 ...

On July 11, American Lift Corporation, a wholesaler of hydraulic lifts, acquired land in exchange for 5,000

Question:

On July 11, American Lift Corporation, a wholesaler of hydraulic lifts, acquired land in exchange for 5,000 shares of $5 par with a current market price of $32. Journalize the entry to record the transaction.
Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...