Miller Corporation issued 7,000 shares of its $5 par value common stock in payments for attorney services billed at $70,000. Miller Corporation's stock has been actively trading at $10 per share. The journal entry for this transaction would include a credit to: A. Legal expenses for $70,000 B. Common stock for $70,000 C. Paid - in Capital in Excess of Par-Common for $70,000. D. Paid - in Capital in Excess of Par-Common for $35,000.
Miller Corporation issued 7,000 shares of its $5 par value common stock in payments for attorney services billed at $70,000. Miller Corporation's stock has been actively trading at $10 per share. The journal entry for this transaction would include a credit to: A. Legal expenses for $70,000 B. Common stock for $70,000 C. Paid - in Capital in Excess of Par-Common for $70,000. D. Paid - in Capital in Excess of Par-Common for $35,000.
Chapter14: Corporation Accounting
Section: Chapter Questions
Problem 12MC: A corporation issued 100 shares of $100 par value preferred stock for $150 per share. The resulting...
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(19) Miller Corporation issued 7,000 shares of its $5 par value common stock in payments for attorney services billed at $70,000. Miller Corporation's stock has been actively trading at $10 per share. The
A. Legal expenses for $70,000
B. Common stock for $70,000
C. Paid - in Capital in Excess of Par-Common for $70,000.
D. Paid - in Capital in Excess of Par-Common for $35,000.
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