Oral Arts Dental Laboratories is a family-owned and operated full-service dental laboratory located in Huntsville, Alabama....

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Oral Arts Dental Laboratories is a family-owned and operated full-service dental laboratory located in Huntsville, Alabama. During the year the Oral Arts purchased equipment through the issuance of common stock. The stock had a par value of $150,000 and a fair value of $550,000. The fair value of the equipment was not easily determinable. The company incorrectly recorded this transaction as follows: Equipment 150,000 Common Stock 150,000 6 Provide the entry that the company should have recorded in the form below (omit explanations): View transaction list Journal entry worksheet < 1 Record the purchase of equipment with common stock. Note: Enter debits before credits. Event 1 General Journal Debit Credit View general journal Record entry Clear entry Oral Arts Dental Laboratories is a family-owned and operated full-service dental laboratory located in Huntsville, Alabama. During the year the Oral Arts purchased equipment through the issuance of common stock. The stock had a par value of $150,000 and a fair value of $550,000. The fair value of the equipment was not easily determinable. The company incorrectly recorded this transaction as follows: Equipment 150,000 Common Stock 150,000 6 Provide the entry that the company should have recorded in the form below (omit explanations): View transaction list Journal entry worksheet < 1 Record the purchase of equipment with common stock. Note: Enter debits before credits. Event 1 General Journal Debit Credit View general journal Record entry Clear entry