on september 1 2013 the directors of halbert corp approached the directors of delcon ltd with the following proposal f/
Halbert then appointed a new board of directors of Delcon. This board took office on December 1, 2013, and immediately:
revalued the asset Shares in Other Companies to its market value (assume no tax effect) and
issued common shares of $32,000 to common shareholders, each shareholder being allocated 2 common shares for every 10 common shares held.
Required
Prepare all journal entries (in general form) to record the above transactions in the records of (a) Halbert and (b) Delcon.
