Miller Corporation issued 5,000 shares of its $5 par value common stock in payment for attorney services billed at $40,000.Miller Corporation's stock has been actively trading at $8 per share.The journal entry for this transaction would include a:
A) credit to Paid-in Capital in Excess of Par-Common for $40,000.
B) credit to Paid-in Capital in Excess of Par-Common for $15,000.
C) credit to Cash for $40,000.
D) credit to Common Stock for $40,000.
Correct Answer:
Verified
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