(Answered) Question - on june 1 2013 4000 shares of 10 par value

Accounting

Question - On June 1, 2013, 4,000 shares of $10 par value common stock are issued in exchange for new equipment. Comparable equipment sells for $58,000 cash. Other shares of this class of common stock originally sold for $13 per share in 2010.

The journal entry to record this exchange should debit the Equipment account for what amount?

A. $58,000

B. $40,000

C. $52,000

D. $-0-

E. None of the above

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