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Prepare the appropriate journal entries for transactions

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Question - Truck #3 has a list price of $18,080. It is acquired in exchange for a computer system that Vaughn carries in inventory. The computer system cost $13,560 and is normally sold by Vaughn for $17,176. Vaughn uses a perpetual inventory system.

Truck #4 has a list price of $15,820. It is acquired in exchange for 1,030 shares of common stock in Vaughn Corporation. The stock has a par value per share of $10 and a market price of $13 per share.

Required - Prepare the appropriate journal entries for the above transactions for Vaughn Corporation.

Reference no: EM132516856

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