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Wave Company issues 1,000 shares of its $8 par value common stock in exchange for...

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Accounting

Wave Company issues 1,000 shares of its $8 par value common stock in exchange for a patent. At the time of the exchange the company's common stock traded on the New York Stock Exchange at a price of $22 per share. Determine the journal entry that Wave Company should record for this exchange.
Select one:
a. Investment in Common Stock
22,000
Common Stock
22,000
b. Patent 8,000
c. Patent
8,000
Common Stock q,
8,000
q,
Common Stock
22,000
d. Patent
\table[[,22,000],[Common Stock,14,000],[Additional Paid in Capital,8,000]]
e. None of the above
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