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Bridgeport Company obtained land by issuing 2,470 shares of its $10 par value common stock. The land was recently appraised at $103,240. The common stock

Bridgeport Company obtained land by issuing 2,470 shares of its $10 par value common stock. The land was recently appraised at $103,240. The common stock is actively traded at $40 per share. Prepare the journal entry to record the acquisition of the land.

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