When common stock is issued in exchange for an asset that is not cash the transaction should be recorded at?

When common stock is issued in exchange for an asset that is not cash, the transaction should be recorded at the fair market value of the asset received or the fair value of the stock issued, whichever is more clearly evident. If the fair value of both the stock and the asset can be determined, the transaction is typically recorded using the fair value of the asset. This ensures that the financial statements reflect an accurate representation of the value exchanged in the transaction.