Question: Windo QUESTION NO. 1: MAD OVERALY O PORE (6 POINTS) X Company issued 10,000 shares of $10 par value common stock for an equipment,

Windo QUESTION NO. 1: MAD OVERALY O PORE (6 POINTS) X Company

Windo QUESTION NO. 1: MAD OVERALY O PORE (6 POINTS) X Company issued 10,000 shares of $10 par value common stock for an equipment, in vanous circumstances Required: Record the journal entry under the following assumptions Assumption (1) X cannot readily determine the fair value of equipment, but it know the fair market value of stock is $110000 (Fair market value per share is $11) Assumption (2): X cannot readily determine the fair value of equipment, but it know the fair market value of stock is $80000 (Fair market value per share is $8). Assumption (3): X cannot readily determine the fair value of the stock nor the fair market value of the equipment An independent consultant values the equipment at $200000

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