Reference no: EM131888164
Question: During 2017, the Tinsle company completed transactions related to its property, plant, and the following equipment accounts:
a. On March 18, Tinsle paid $480,000 for land, buildings, and equipment in a $200,000 purchase. An appraisal that cost Tinsle $10,000 revealed fair values of for the land, $150,000 for the buildings, and $150,000 for the equipment
b. On August 11, Tinsle issued 20,000 shares of its $10 par value common stock in exchange for some equipment. The equipment's fair market value is estimated at an outside date of the exchange, the stock was being actively traded at per share on a major stock exchange.
Required: Prepare the necessary journal entry to properly record each transaction.
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