Problem 3. Questions 5 and 6. On January 1, 20X1, Enterprises, Inc., purchased a piece of equipment by issuing common stock to the seller. The facts of the transaction are shown below. Number of $1 par value common 83,000 stock Fair value per share $6.00 Value of equipment 575,000 6) What is the cost or value of the equipment on the books at time of purchase if the company is a privately held entity and the stock is rarely, if ever, bought or sold