Question: Record a journal entry for 01/01/20X7 - C/A extract no. X7/001 Founding of firm DEF. The firm starts with a subscribed capital of 145 000,00

Record a journal entry for

01/01/20X7 - C/A extract no. X7/001 Founding of firm DEF. The firm starts with a subscribed capital of 145 000,00 EUR (represented by 1 000 shares). One founder brings in a machine worth 29 000,00 EUR, all other shares are issued against cash. At start, all shares are paid up for 60%. (The useful life of the machine is set at 10 years. A residual value of 2 500,00 EUR is assumed.)

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