Please also prepare the journal entry assuming par value is $1 per share (3/4 of the points for journal entry, see attached example. BE 10-8 Acquisition cost; issuance of equity securities L010-4 Shackelford Corporation acquired a patent from its founder, Jim Shackelford, in exchange for 50,000 shares of the company's nopar common stock. On the date of the exchange, the common stock had a fair value of $22 per share. Determine the cost of the patent. DuMont Chemicals issues 1 million of its common shares, $1 par per share, in exchange for a custom-built factory for which no cash price is available. Today's issue of The Wall Street Journal lists DuMont's stock at $10 per share. ($ in millions Debit Credit Journal Entry Property, plant, and equipment 10 Common stock Paid-in capital-excess of par 1 9 The quoted market price for the shares issued might be the best evidence of fair value