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Skysong Company obtained land by issuing 2,430 shares of its $12 par value common stock. The land was recently appraised at $106,500. The common stock

Skysong Company obtained land by issuing 2,430 shares of its $12 par value common stock. The land was recently appraised at $106,500. The common stock is actively traded at $42 per share. Prepare the journal entry to record the acquisition of the land.

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