Woods, Inc B) C) D)

Woods, Inc. issues common stock in exchange for legal services received. The common stock has a fair value of $9,000 and a par value of $600. What is the journal entry required to record this transaction?

A) $$\begin{array} { | l | r | r | } \hline \text { Cash } & 9,000 & \\\hline \text { Common Stock } & & 600 \\\hline \text { Addl. Paid-in Capital in Excess of Par-Common } & & 8,400 \\\hline\end{array}$$
B) $$\begin{array} { | l | r | r | } \hline \text { Legal Fees Expense } & 9,000 & \\\hline \text { Common Stock } & & 600 \\\hline \text { Addl. Paid-in Capital in Excess of Par-Common } & & 8,400 \\\hline\end{array}$$
C) $$\begin{array} { | l | r | r | } \hline \text { Cash } & 9,000 & \\\hline \text { Common Stock } & & 8,400 \\\hline \text { Addl. Paid-in Capital in Excess of Par-Common } & & 600 \\\hline\end{array}$$
D) $$\begin{array} { | l | r | r | } \hline \text { Legal Fees Expense } & 9,000 & \\\hline \text { Common Stock } & & 8,400 \\\hline \text { Addl. Paid-in Capital in Excess of Par-Common } & & 600 \\\hline\end{array}$$