Miller Corporation issued 12,000 shares of its $5 par value common stock in payment for attorney services billed at $180,000. Miller Corporation's stock has been actively trading at $15 per share. The journal entry for this transaction would include a credit to:
A) Paid-in Capital in Excess of Par-Common for $180,000.
B) Paid-in Capital in Excess of Par-Common for $120,000.
C) Legal Expense for $180,000.
D) Common Stock for $180,000.
Correct Answer:
Verified
Q26: When reporting stockholders' equity on the balance
Q29: The difference between the issue price per
Q31: The number of shares of authorized stock
Q33: If stock is issued for an asset
Q35: When 200 shares of $1 par value
Q35: When a company issues common stock at
Q37: When common stock is issued for services
Q38: Legal capital for a corporation equals:
A)the selling
Q40: If a corporation issues 2000 shares of
Q41: A company issues 1,000,000 shares of $0.50
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents