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Prepare the journal entry to record the land acquisition

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Reference no: EM132721240

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.

Reference no: EM132721240

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