Issuing stock for assets other than cash

On November $23,$ Elder Lift Corporation, a wholesaler of hydraulic lifts, acquired land in exchange for $14,200$ shares of $$25$ par common stock with a current market price of $$34.$

Journalize the entry to record the transaction. If an amount box does not require an entry, leave it blank.

Nov. $23$

Common Stock $$

Paid$-$In Capital in Excess of Par$-$Common Stock grad$$