Multiple Choice
A new company issues 2,000 shares of $5 par common stock in exchange for the services of a lawyer during its first month of business.The lawyer's normal fee is $15,000 for similar work.Which of the following would be recorded if the stock is not currently trading?
A) A debit to Common Stock for $10,000
B) A credit to Common Stock for $15,000
C) A debit to Additional Paid-In Capital-Common Stock of $5,000
D) A credit to Additional Paid-In Capital-Common Stock of $5,000
Correct Answer:
Verified
Correct Answer:
Verified
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