Question
Maltese is a privately-owned company. On September 3, Maltese exchanged 2,000 shares of its private common stock for equipment. There is no readily available estimate
Maltese is a privately-owned company. On September 3, Maltese exchanged 2,000 shares of its private common stock for equipment. There is no readily available estimate of the stocks fair value. The equipment currently is selling for $80,000. The journal entry to record this transaction includes:
Multiple choice:
Debit Equipment 80000
Credit Cash 80000
Credit Stock revenue 80000
No entry is recorded for this exchange
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Cost Management Accounting And Control
Authors: Don R. Hansen, Maryanne M. Mowen
5th Edition
0324233108, 978-0324233100
