On June 1, 2013, 4,000 shares of $10 par value common stock are issued in exchange for new equipment. Comparable equipment sells for $58,000 cash. Other shares of this class of common stock originally sold for $13 per share in 2010. The journal entry to record this exchange should debit the Equipment account for what amount? Select one: A. $58,000 B. $40,000 C. $52,000 D. $-0- E. None of the above

On June 1, 2013, 4,000 shares of $10 par value common stock are issued in exchange for new equipment. Comparable equipment sells for $58,000 cash. Other shares of this class of common stock originally sold for $13 per share in 2010. The journal entry to record this exchange should debit the Equipment account for what amount? Select one: A. $58,000 B. $40,000 C. $52,000 D. $-0- E. None of the above

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter15: Investments And Fair Value Accounting

Section: Chapter Questions

Problem 3PA

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