Ironworks, Inc. issued 400 shares of $9 par common stock in exchange for a piece of equipment with a current market value of $5,000. Which of the following is NOT part of the journal entry for this transaction?
A) Debiting equipment for $5,000
B) Crediting Common Stock for $5,000
C) Crediting paid-in capital in excess of par-common for $1,400
D) Crediting Common Stock for $3,600
Correct Answer:
Verified
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