Intermediate Accounting 1B

4. The Callister Company exchanged 25,000 shares of its own P50 par value common stock for a turret lathe from Payne Company. The market value of the Callister Company stock was P68 per share at the date of exchange. The equipment had a carrying value of P1,625,000. Requirement: Record the exchange on the books of Callister Company in general journal form