The Company Issued 8,000 Shares of Stock in Exchange for Equipment

Multiple Choice

The company issued 8,000 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 320,000
Common Stock 320,000
B) Common Stock 320,000
Equipment 320,000
C) Additional Paid-in Capital 70,000
Equipment 250,000
Common Stock 320,000
D) Cash 320,000
Equipment 320,000