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Question
Percy 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 400 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 $4,000.
B.A debit to Organization Expenses for $5,000.
C.A credit to Common Stock for $5,000.
D.A credit to Paid-in Capital in Excess of Par Value, Common Stock for $5,000.
E.A debit to Paid-in Capital in Excess of Par Value, Common Stock for $2,000.
Answer
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