Suppose Clair Company acquires some equipment from Marseilles Company in exchange for issuance of 10000 shares of Clair"s common stock. The equipment was carried on Marseille's books at 530000 orginal cost less acumulated depreciation of 100000. Clairs stocl actively trades and has current market value of 55 per share. its par value is 1 share.

Show effects of the transactions on both accounts.

Show journal entry on both accounts.