How do make the journal entry to record the land acquisition

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Sage Hill Corp., a private company, obtained land by issuing 1,980 of its common shares. The land was appraised at $82,000 by a reliable, independent valuator on the date of acquisition. Last year, Sage Hill sold 1,400 common shares at $40 per share.

Problem 1: Prepare the journal entry to record the land acquisition if Sage Hill elects to prepare financial statements in accordance with IFRS. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Reference no: EM132678543

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