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What entry would squirt make on its books

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Question - Squirt Company issued 5,000 common shares in exchange for a building. The building is fair valued for $255,000. The common shares trade actively at $50 per common share. What entry would Squirt make on its books to record the transaction?

a. Building 250,000

Loss on Common Share Issue 5,000

Common Shares 255,000

b. Building 255,000

Common Shares 255,000

c. Building 250,000

Common Shares 250,000

d. DR Building 255,000

CR Gain on Common Share Issue 5,000

CR Common Shares 250,000

Reference no: EM132812252

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