On November $23,$ Elder Lift Corporation, a wholesaler of hydraulic lifts, acquired land in exchange for $25,000$ shares of $$20$ par common stock with a current market price of $$24.$

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

DateAccountDebitCredit

Nov. $23$

Land

Common Stock

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