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A corporation was formed on January 1. The corporate charter authorized 100,000 shares of $10 par value common stock. During the first month of operation, the corporation issued 300 shares to its attorneys in payment of a $5,000 charge for drawing up the articles of incorporation. The entry to record this transaction would include:

a) A debit to Organization Expenses for $3,000

b) A debit to Organization Expenses for $5,000

c) A credit to Common Stock for $5,000

d) A credit to Contributed Capital in Excess of Par Value, Common Stock for $5,000

e) A debit to Contributed Capital in Excess of Par Value, Common Stock for $2,000

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  • Reference No.:- M946448

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