Ranier Corp. authorized the issuance of 400,000 shares of no-par common stock. The state of incorporation requires a minimum stated value of \(\$ 4\) per share of common stock issued. On February 1, 2020, Ranier issued 50 shares of common stock to a local law firm for legal services related to the start-up of the company with an estimated value of \(\$ 1,500\). Prepare the journal entry required on February 1, 2020. Hint: Start-up costs are expensed.