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The Magic Company exchanged 30,000 shares of its own $40 par value common stock for...

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Accounting

The Magic Company exchanged 30,000 shares of its own $40 par value common stock for a bar machine. The market value of the Magic Company stock was $50 per share at the date of exchange. The equipment had a carrying value of $1,400,000.

Record the exchange on the books of Magic Company in general journal form.

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