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Example - Property acquired in exchange for stock Delco Corporation acquired a new delivery truck in exchange for 500 share of common stock in Delco

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Example - Property acquired in exchange for stock Delco Corporation acquired a new delivery truck in exchange for 500 share of common stock in Delco Corporation. The stock has a par value per share of $20 and a market value of $24 per share. The truck has a list price of $13,500. Required: Prepare the journal entry for this transaction. GL Account Debit Credit

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