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Default Date format in imported lotus 123 file

I imported a lotus 123 file for tracking investments. When I try to enter a
date Excel gives me back 1/0/00, which is the beginning of the 20th century.
I've tried several date formats to no avail. I also get a flag in the cell
saying the date string only has 2 digits for the year. The other data in the
sheet appears OK. The date format works OK on a clean sheet. I am using
Excel from Office 2003 Basic.

Help
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