Common stock in exchange for manufacturing equipment the


Osbourne, Inc. issued60,000 shares of common stock in exchange for manufacturing equipment. The equipment has a fair value of$1,420,000. The stock has a par value of$0.05 per share. The journal entry to record this transaction includes a________.

A. credit to Gain on Sale of Common Stock for$1,480,000
B. credit to Common Stocklong dash-$0.05Par Value for$1,420,000
C. debit to Cash for$14,170,000
D. credit toPaid-In Capital in Excess of Parlong dash-Common for$1,417,000

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Accounting Basics: Common stock in exchange for manufacturing equipment the
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