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On April 2, Nelson Company issued 69,000 shares of its $17 par common stock to purchase a parcel of land. On this day, the land

On April 2, Nelson Company issued 69,000 shares of its $17 par common stock to purchase a parcel of land. On this day, the land had a fair market value of $4,350,000.

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Prepare the journal entry to record this transaction.

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