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CP 114 A tract of land valued at $50,000 has been given to a corporation on July 31, 2019 in exchange for 1,000 shares of

CP 114
A tract of land valued at $50,000 has been given to a corporation on July 31, 2019 in exchange for 1,000 shares of nopar value preferred stock.
Required:
1. Prepare the journal entry to record the transaction.
2. Where would the transaction be classified in the balance sheet?

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