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What the entry to record the acquisition of the equipment

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Reference no: EM132694805

Problem 1: Dolly's Best issued 200 shares of its $10 common stock in exchange for used packaging equipment with a fair market value of $2,400. The entry to record the acquisition of the equipment would include a

A debit to Equipment for $2,000.

B debit to Paid-In Capital in Excess of Par for $400.

C credit to Common Stock for $2,400.

D debit to Equipment for $2,400.

Reference no: EM132694805

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