S. Lamar performed legal services for E. Garr. Due to a cash shortage, an agreement was reached whereby E. Garr. would pay S. Lamar a legal fee of approximately $12,000 by issuing 3,000 shares of its common stock (par $1). The stock trades on a daily basis and the market price of the stock on the day the debt was settled is $4.50 per share. Given this information, the journal entry for E. Garr. to record this transaction is: 
Correct Answer:
Verified
Q44: The officer who is generally responsible for
Q54: Which of the following would not be
Q67: Which of the following factors does not
Q70: If an investment firm underwrites a stock
Q76: A separate paid-in capital account is used
Q78: The term residual claim refers to a
Q82: Crain Company issued 2,000 shares of its
Q83: Barton Company is a publicly held corporation
Q85: When stock is issued for legal services,
Q86: A corporation has the following account balances:
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