Acompany issued 7,000 shares of stock in exchange for equipment that had a fair market value of $160,000 The par value of the stocks were $20 per share. However, the shares were quoted on the stock exchange on that day for $30. The entry ta record the transaction is:

Select one

Equipment 210,000

Comman Stack 210,000 2 Equipment 210,000 Comman Stack 140,000

Additional Paid-in Capital 70,000

3. Equipment 140,000 Common Stack 140,000

Equipment 160,000 Comman Stack 440,000

Additional Paid-in Capital 20,000