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Assume that instead of transferring the machine, Larkspor decides to grant 15,000 shares of its common stock ($10 por) which has a fair value of

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Assume that instead of transferring the machine, Larkspor decides to grant 15,000 shares of its common stock ($10 por) which has a fair value of $152,000 in full settlement of the loan obligation. If Cullumber State Bank treats Larkspur's stock as a trading investment, prepare the entries to record the transaction for both parties. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually) No. Date Debit Credit Account Titles and Explanation Larkspur Company (Debtor): 1. December 31, 2020 Cullumber State Bank (Creditor): 2 December 31, 2020 Question 8 of 22

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