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Leon Russell, Elton John On Letterman Show

Leon Russell, left, is greeted by Elton John as he takes the stage before performing at the Beacon Theater Tuesday, Oct. 19, 2010, in New York.(AP Photo/Jason DeCrow) AP Photo/Jason DeCrow

NEW YORK (CBS) Leon Russell will be going into the Rock and Roll Hall of Fame next month with double honors - as the recipient of this year's Award for Recording Excellence.

Russell will be inducted by British rocker Elton John, who appeared with the singer-songrwriter Wednesday night on "The Late Show with David Letterman."

Russell and Elton have collaborate d on a r Grammy-nominated album 'The Union' and have been making appearances together in recent months.

The 26th annual Rock and Roll Hall of Fame induction ceremony will take place on Monday, March 14,, at the Waldorf Astoria in New York .

To be inducted with Russell are the Alice Cooper Band, Neil Diamond, Dr. John, Darlene Love, Tom Waits and two recipients of the Ahmet Ertegun Award - Jac Holzman and Art Rupe

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