Entries that should be made on smart corporation

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Reference no: EM13999831

Smart Corporation owes a trade creditor USD 30,000 on open account which the corporation does not have sufficient cash to pay. The trade creditor suggests that Smart Corporation issue to him 750 shares of the USD 24 par value common stock, which is currently selling on the market at USD 40. Present the entry or entries that should be made on Smart Corporation's books.

Reference no: EM13999831

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