On November 23, Elder Lift Corporation, a wholesaler of hydraulic lifts, acquired land in ex- change for 12,500 shares of $25 par common stock with a current market price of $38. Jour- nalize the entry to record the transaction.

On November 23, Elder Lift Corporation, a wholesaler of hydraulic lifts, acquired land in ex- change for 12,500 shares of $25 par common stock with a current market price of $38. Jour- nalize the entry to record the transaction.

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter22: S Corporations

Section: Chapter Questions

Problem 36P

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Question

How do i do EX 12-5 & EX 12-9

On November 23, Elder Lift Corporation, a wholesaler of hydraulic lifts, acquired land in ex-
change for 12,500 shares of $25 par common stock with a current market price of $38. Jour-
nalize the entry to record the transaction.

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