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