Five hundred common shares trading at $25/share were exchanged for a piece of equipment with a current market value of $13,500. The journal entry to record the transaction would include a:
A) credit to Equipment for $12,500.
B) debit to Common Shares for $12,500.
C) credit to Common Shares for $12,500.
D) credit to Common Shares for $13,500.
E) debit to Equipment for $13,500.
Correct Answer:
Verified
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