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A company purchased machinery by issuing 2,000 shares of $3 par value common stock. Since the company is new, there is no established market price for its stock. How would the company record the transaction? a. In terms of the par value of the stock issued b. At the fair market value of the machine c. At the cost recorded by the previous owner of the machine d. Recording the transaction would be postponed until a market price for the stock could be determined.

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