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What journal entry for transaction for highland corporation

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Highland Corporation was organized on January 1, 2014. It is authorized to issue 50,000, $3 noncumulative preferred shares , and an unlimited number of common shares. The following transactions were completed during the first year:

July24. Issued 20,500 common shares for $60,000 cash and used equipment. The equipment originally cost $25,000. It now has a carrying amount of $15,000 and a fair value of $12,000.

Problem 1: What is the journal entry for this transaction?

Reference no: EM132759724

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