On June 1, 2019, 4,000 shares of $10 par value common stock are issued in exchange for new equipment. The equipment has a fair market value of $116,000. In recording this transaction, what amount should be allocated to APIC - CS?

On June 1, 2019, 4,000 shares of $10 par value common stock are issued in exchange for new equipment. The equipment has a fair market value of $116,000. In recording this transaction, what amount should be allocated to APIC - CS?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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