On November 23, Elder Lift Corporation, a wholesaler of hydraulic lifts, acquired land in exchange for 29,000 shares of $12 par common stock with a current market price of $18.

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

2. Sumter Pumps Corporation, a manufacturer of industrial pumps, reports the following results for the year ended December 31, 20Y3:

Retained earnings, January 1, 20Y3	$611,900
Net income	73,400
Cash dividends declared	13,200
Stock dividends declared	25,000

Prepare a retained earnings statement for the year ended December 31, 20Y3.

Sumter Pumps Corporation Retained Earnings Statement For the Year Ended December 31, 20Y3

CashNet IncomeRetained earnings, December 31, 20Y3Retained earnings, January 1, 20Y3		$- Select -
CashNet IncomeRetained earnings, December 31, 20Y3Retained earnings, January 1, 20Y3	$- Select -
CashDividendsRetained earnings, December 31, 20Y3Retained earnings, January 1, 20Y3	- Select -
Change in retained earningsNet IncomeRetained earnings, December 31, 20Y3Retained earnings, January 1, 20Y3		- Select -
CashNet IncomeRetained earnings, December 31, 20Y3Retained earnings, January 1, 20Y3		$- Select -