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What journal entry should rental make to record

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Reference no: EM13523242

Rental Co. exchanged 400 shares of Wood Co. common stock, which Rental was holding as an investment, for equipment from Paw Co. The Wood Co common stock, which had been purchased by Rental Co for $50 per share, had a quoted market value of $58 per share at the date of exchange. The equipment had a recorded amount on Paw's books of $21,000. What journal entry should Rental make to record this exchange?

Reference no: EM13523242

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