Sweet Ltd. wished to purchase some new equipment for its factory. However, due to recent cash flow difficulties, Sweet did not have enough cash on hand to complete the transaction. The equipment's vendor agreed to accept 1,300 common shares in Sweet in exchange for the equipment. Sweet's shares were actively trading at $14.50/share on the day of the exchange. (a) Your answer is partially correct. Prepare the journal entry to record the purchase of the equipment on Sweet's books, assuming the list price for the equipment was $20,540. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit Equipment 20540 Common Shares 20540