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Headland Company obtained land by issuing 1,840 shares of its $10 par value ordinary shares. The land was recently appraised at $85,000. The ordinary shares

Headland Company obtained land by issuing 1,840 shares of its $10 par value ordinary shares. The land was recently appraised at $85,000. The ordinary shares are actively traded at $40 per share.

Prepare the journal entry to record the acquisition of the land.

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