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Issuing Stock for Assets Other Than Cash On November 23, Elder Lift Corporation, a wholesaler of hydraulic lifts, acquired land in exchange for 25,000 shares

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Issuing Stock for Assets Other Than Cash On November 23, Elder Lift Corporation, a wholesaler of hydraulic lifts, acquired land in exchange for 25,000 shares of $8 par common stock with a current market price of $16. Journalize the entry to record the transaction. If an amount box does not require an entry, leave it blank Nov. 23 38

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