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10. Sam Lamar performed legal services for Garth Corporation during its incorporation. Garth Corporation paid Sam Lamar's legal fee by issuing 3,000 shares of its

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10. Sam Lamar performed legal services for Garth Corporation during its incorporation. Garth Corporation paid Sam Lamar's legal fee by issuing 3,000 shares of its $1 par value common stock. The stock trades on a daily basis and the market price of the stock on the day the shares were issued was $4.50 per share. Given this information, the journal entry for Garth Corporation to record this transaction is: a. 13,500 Organization Expense Common Stock 13,500 b. 13,500 Legal Expense Common Stock 13,500 . 13,500 Organization Expense Common Stock Paid-in Capital in Excess of Par - Common 3,000 10,500 13,500 Legal Expense Common Stock Paid-in Capital in Excess of Par - Common 3,000 10,500

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