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On August 7, Easy Up Corporation, a wholesaler of hydraulic lifts, acquired land in exchange for 20,000 shares of $10 par common stock with a

On August 7, Easy Up Corporation, a wholesaler of hydraulic lifts, acquired land in exchange for 20,000 shares of $10 par common stock with a current market price of $14. Illustrate the effect on the accounts and financial statements of the purchase of the land.

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