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Prepare the journal entry to record the acquisition of land

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Question - Twenty-five thousand shares reacquired by Elixir Corporation for $53 per share were exchanged for undeveloped land that has an appraised value of $1,700,000. At the time of the exchange, the common stock was trading at $62 per share on an organized exchange.

Instruction - Prepare the journal entry to record the acquisition of land assuming that the purchase of the stock was originally recorded using the cost method.

Reference no: EM132521329

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