Dolly's Best issued 200 shares of its $10 common stock in exchange for used packaging equipment with a fair market value of $2,400.The entry to record the acquisition of the equipment would include a:
A) debit to Equipment for $2,000.
B) debit to Paid-in Capital in Excess of Par for $400.
C) credit to Common Stock for $2,400.
D) debit to Equipment for $2,400.
Correct Answer:
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