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

Nov 23 Land 12500 38 475000 ...

On November 23, Elder Lift Corporation, a wholesaler of hydraulic lifts, acquired land in exchange for 12,500

Question:

On November 23, Elder Lift Corporation, a wholesaler of hydraulic lifts, acquired land in exchange for 12,500 shares of $25 par with a current market price of $38. Journalize the entry to record the transaction?
Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...