Assume instead that Vale exchanged 260 shares of its own $1 par common stock along with $18,200 cash for the equipment. The stock was not actively traded, but the equipment was estimated to have a fair value at the date of acquisition of $41,600. Prepare the entry to record the purchase.
Assume instead that Vale exchanged 100 shares of its own $1 par common stock along with $18,200 cash for the equipment. The stock was not actively traded but the equipment was estimated to have a fair value at the date of acquisition of $41,600. Prepare the entry to record the purchase.
Prepare journal entry