Question - During 2010, the Tinsle Company completed the following transactions related to property, plant, and equipment accounts:
a. On March 18, Tinsle paid $480,000 for land, buildings, and equipment in a lump-sum purchase. An appraisal that cost Tinsle $10,000 revealed fair market values of $200,000 for the land, $150,000 for the buildings, and $150,000 for the equipment.
b. On August 11, Tinsle issued 20,000 shares of its $10 par value common stock in exchange for some equipment. The equipment's fair market value is estimated at $360,000 by an outside appraisal. On the date of the exchange, the stock was being actively traded at $17 per share on a major stock exchange.
REQUIRED - Prepare the necessary journal entry to properly record each transaction (for both a & b).