Stephenson Products issued 9,000 shares of its $ 1 par value common stock in exchange for some machinery. Prepare the journal entry for each of the following situations: A. The machinery has a fair...

Stephenson Products issued 9,000 shares of its $ 1 par value common stock in exchange for some machinery. Prepare the journal entry for each of the following situations: A. The machinery has a fair market value of $ 187,000. B. The machinery has a list price of $ 245,000, but the stock sold earlier in the day for $ 26 per share. View Solution:

Stephenson Products issued 9 000 shares of its 1 par