Issuing Stock for Assets Other Than Cash On November 23, Elder Lift Corporation, a wholesaler of hydraulic lifts, acquired land in exchange for 26,000 shares of $10 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.

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter16: Statement Of Cash Flows
Section: Chapter Questions
Problem 1EA: Provide journal entries to record each of the following transactions. For each, identify whether the...
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Issuing Stock for Assets Other Than Cash

On November 23, Elder Lift Corporation, a wholesaler of hydraulic lifts, acquired land in exchange for 26,000 shares of $10 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.

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