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Submi

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:

$00$:$48$:$52$

Multiple Choice

A debit to Organization Expenses for $$4,000.$

A debit to Organization Expenses for $$5,000.$

A credit to Common Stock for $$5,000.$

A credit to Paid$-$in Capital in Excess of Par Value, Common Stock for $$5,000.$

A debit to Paid$-$in Capital in Excess of Par Value, Common Stock for $$2,000.$