The company issued 8,000 shares of stock in exchange for equipment that had a fair market value of $320,000. The entry to record transaction 3 would be:
A) Equipment 320,000
Common Stock 320,000
B) Common Stock 320,000
Equipment 320,000
C) Additional Paid-in Capital 70,000
Equipment 250,000
Common Stock 320,000
D) Cash 320,000
Equipment 320,000
Correct Answer:
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