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Land is acquired by sung Soocommon shares the land has a current market value of $17.000. There is no market value for the common shares

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Land is acquired by sung Soocommon shares the land has a current market value of $17.000. There is no market value for the common shares avable. The journal entry reques Credit to common shares for 512.000 O Debit to retained earnings for 512.000 Credit to retained earnings for 512.000 Debit to cash for $12.000

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