Badger Corporation issued 9,000 shares of its $5 par value common stock in payment for attomey services biled at $108,000. Badger Corporation's stock has been actively trading at $12 per share. The journal entry for this transaction would Indude a OA credit to Common Stock $63,000. OB. debit to Legal Expense $45,000. OC. debit to Legal Expense $108,000. OD. credit to Paid-in Capital in Excess of Par-Common $108,000.

Badger Corporation issued 9,000 shares of its $5 par value common stock in payment for attomey services biled at $108,000. Badger Corporation's stock has been actively trading at $12 per share. The journal entry for this transaction would Indude a OA credit to Common Stock $63,000. OB. debit to Legal Expense $45,000. OC. debit to Legal Expense $108,000. OD. credit to Paid-in Capital in Excess of Par-Common $108,000.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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