3. On November 15, 2018, Glenn Corporation exchanged 10,000 shares of its $5 par value common stock held in treasury for a used machine. The treasury shares were acquired by Glenn at a cost of $30 per share, and are accounted for under the cost method. On the date of the exchange, the common stock had a market value of $40 per share (the shares were originally issued at $25 per share). Required: Record the acquisition of the used machine.