Bramble Beverage Company is authorized to issue 22800 shares of 7%, $100 par value preferred stock and 530000 shares of no-par common stock with a stated value of $1 per share. If Bramble issues 12000 shares of common stock to pay its recent attorney's bill of $58800 for legal services on a land access dispute, which of the following would be the journal entry for Bramble to record? Legal Expense 58800 Common Stock 58800 Legal Expense 12000 Common Stock 12000 Legal Expense 58800 Common Stock 12000 Paid-in Capital in Excess of Par - Preferred 46800 Legal Expense 58800 Common Stock 12000 Paid-in Capital in Excess of Stated Value - Common 46800

Bramble Beverage Company is authorized to issue 22800 shares of 7%, $100 par value preferred stock and 530000 shares of no-par common stock with a stated value of $1 per share. If Bramble issues 12000 shares of common stock to pay its recent attorney's bill of $58800 for legal services on a land access dispute, which of the following would be the journal entry for Bramble to record? Legal Expense 58800 Common Stock 58800 Legal Expense 12000 Common Stock 12000 Legal Expense 58800 Common Stock 12000 Paid-in Capital in Excess of Par - Preferred 46800 Legal Expense 58800 Common Stock 12000 Paid-in Capital in Excess of Stated Value - Common 46800

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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