Adjusting Entries: Shabbona Corporation operates a retail computer
store. To improve delivery services to customers, the company purchased a
new truck on April 1, 2010. The terms for the acquisition of the truck
are that it has a list price of $14,000. It is acquired in exchange for
1,000 shares of common stock in Shabbona Corporation. The stock has a
par value per share of $10 and a market value of $13 per share. Write
the journal entry to record the purchase of the truck. Write Dr. for
debit and Cr. for credit.