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
Q68: The sale of common stock below par
A)
Q69: If stock is issued for a noncash
Q72: Paid-In Capital in Excess of Stated Value
A)
Q77: If common stock is issued for an
Q81: In the financial statements organization costs appears
A)
Q82: Crain Company issued 2,000 shares of its
Q83: Barton Company is a publicly held corporation
Q93: Darman Company issued 700 shares of no-par
Q101: Vega Corporation's December 31, 2018 balance sheet
Q112: When preferred stock is cumulative preferred dividends
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