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Prepare journal entry to properly record the transaction

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Question - On August 1, Westside issued 10,000 shares of its $10 par value common stock in exchange for some equipment. The equipment's fair market value is estimated at $180,000 by an outside appraisal. On the date of the exchange, the stock was being actively traded at $17 per share on a major stock exchange. Prepare the necessary journal entry to properly record the transaction.

Reference no: EM131772682

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