X Company issued 10,000 shares of $10 par value common stock for an equipment, in various circumstances.

Required: Record the journal entry under the following assumptions:

Assumption (1): X cannot readily determine the fair value of equipment, but it know the fair market value of stock is $110000 (Fair market value per share is $11).

Assumption (2): X cannot readily determine the fair value of equipment, but it know the fair market value of stock is $80000 (Fair market value per share is $8).

Assumption (3): X cannot readily determine the fair value of the stock nor the fair market value of the equipment. An independent consultant values the equipment at $200000.