Li & Tu, Inc., needed land for a plant site. It issued 100 shares of ($ 480)

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Li \& Tu, Inc., needed land for a plant site. It issued 100 shares of $\$ 480$ par value common stock to the incorporators of their corporation in exchange for land, which cost $\$ 56,000$ one year ago. Experienced appraisers recently valued the land at $\$ 72,000$. What journal entry would be appropriate to record the acquisition of the land?

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