The Company Issued 7,000 Shares of Stock in Exchange for Equipment

Multiple Choice

The company issued 7,000 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 280,000
Common Stock 280,000
B) Common Stock 280,000
Equipment 280,000
C) Equipment 320,000
Common Stock 320,000
D) Equipment 320,000
Common Stock 280,000
Additional Paid-in Capital 40,000