Lisas Yoga Inc., a publicly accountable enterprise, issued 1,000 no par value common shares to a supplier
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Lisa’s Yoga Inc., a publicly accountable enterprise, issued 1,000 no par value common shares to a supplier in full payment for machinery that normally sells for $50,000. Lisa’s Yoga Inc.’s common shares were trading at $51 on the transaction date.
Required:
Prepare the journal entry to record the acquisition of the equipment.
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