On August 11, Tinsle issued 20,000 shares of its $10 par value common stock in exchange for some equipment. The equipment's fair market value is estimated at $360,000 by an outside appraisal. On the date of the exchange, the stock was being actively traded at $17 per share on a major stock exchange.
Prepare the necessary journal entry to properly record the transaction.© BrainMass Inc. brainmass.com June 3, 2020, 11:56 pm ad1c9bdddf
Equipment a/c Dr 340000
To equity capital ...
Provides steps necessary to prepare the necessary journal entry to properly record the transaction.