Badger Corporation issued 9000 shares of its $5 par value common stock in payment for attorney services billed at $108,000. Badger Corporation's stock has been actively trading at $12 per share. The journal entry for this transaction would include a:
A) debit to Legal Expense $45,000.
B) debit to Legal Expense $108,000.
C) credit to Common Stock $63,000.
D) credit to Paid-in Capital in Excess of Par-Common $108,000.
Correct Answer:
Verified
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