4. Vaughn Manufacturing exchanged 3,350 shares of its common stock for equipment purchased from a vendor....

 

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4. Vaughn Manufacturing exchanged 3,350 shares of its common stock for equipment purchased from a vendor. The Vaughn common stock had a par value of $53.20 per share. On the date of exchange, the stock had a quoted market value of $57 per share. What journal entry should Vaughn make to record this exchange? 4. Vaughn Manufacturing exchanged 3,350 shares of its common stock for equipment purchased from a vendor. The Vaughn common stock had a par value of $53.20 per share. On the date of exchange, the stock had a quoted market value of $57 per share. What journal entry should Vaughn make to record this exchange?

Answer rating: 100% (QA)

To record this exchange Vaughn should make the following journal entry Debit Equipment for the fa... View the full answer