During 2010, the Tinsle Company completed the following transactions related to

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During 2010, the Tinsle Company completed the following transactions related to its property, plant and equipment accounts. (a) On March 18, Tinsle paid $480,000 for land, buildings and equipment in a lump- sum purchase. An appraisal that cost Tinsle $10,000 revealed fair market values of $200,000 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 $360,000 by an outside appraisal. On the date of the exchange, the stock market was being actively traded at $17 per share on a major stock exchange. Prepare the necessary journal entry to properly record each transaction.

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