Question: Exercise E Li & Tu, Inc., needed land for a plant site. It issued 100 shares of USD 480 par value common stock to the

Exercise E Li & Tu, Inc., needed land for a plant site. It issued 100 shares of USD 480 par value common stock to the incorporators of their corporation in exchange for land, which cost USD 56,000 one year ago. Experienced appraisers recently valued the land at USD 72,000. What journal entry would be appropriate to record the acquisition of the land?

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Li & Tu, Inc., needed land for a plant site. It issued 100 shares of $ 480 par value common stock to the incorporators of their corporation in exchange for land, which cost $ 56,000 one year ago....

Li \& Tu, Inc., needed land for a plant site. It issued 100 shares of $\$ 480$ par value common stock to the incorporators of their corporation in exchange for land, which cost $\$ 56,000$ one...

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