Pharoah Ltd. exchanged 460 common shares of Grants Corp. for new equipment from Milliken Sales. Pharoah was holding these shares as an investment and the shares were originally purchased for $81/share. These shares had a quoted market value of $100 per share at the date of exchange. The equipment had a recorded amount on Milliken's books of $38600, but the fair value was not available. 

Record the journal entry that Pharoah should make to record this exchange.

Answer rating: 100% (QA)

To record the exchange of 460 common shares of Grants Corp for new equipment from Millik... View the full answer