Benin Ltd.exchanged 500 common shares of Lesotho Corp., which Benin was holding as an investment, for new equipment from Easter Sales.The Lesotho Corp.common shares, which had been purchased by Benin for $100 per share, had a quoted market value of $116 per share at the date of exchange.The equipment had a recorded amount on Easter's books of $55,000, but the fair value was not available.The journal entry that Benin should make to record this exchange is

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The Answer of Benin Ltd.exchanged 500 common shares of Lesotho Corp., which Benin was holding as an investment, for new equipment from Easter Sales.The Lesotho Corp.common shares, which had been purchased by Benin for $100 per share, had a quoted market value of $116 per share at the date of exchange.The equipment had a recorded amount on Easter's books of $55,000, but the fair value was not available.The journal entry that Benin should make to record this exchange is

Benin LtdExchanged 500 Common Shares of Lesotho Corp