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On November 23, Elder Lift Corporation, a wholesaler of hydraulic lifts, acquired land in exchange for 14,200 shares of $25 par common stock with a
On November 23, Elder Lift Corporation, a wholesaler of hydraulic lifts, acquired land in exchange for 14,200 shares of $25 par common stock with a current market price of $34.
Journalize the entry to record the transaction. If an amount box does not require an entry, leave it blank.
| Date | Account | Debit | Credit |
|---|---|---|---|
| Nov. 23 | CashCommon StockLandPaid-In Capital in Excess of Par-Common StockRetained Earnings | ||
| Accounts PayableCashCommon StockLandRetained Earnings | |||
| CashLandPaid-In Capital in Excess of Par-Common StockRetained EarningsTreasury Stock |
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