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Badger Corporation issued 5000 shares of its $5 par value common stock in payment for attorney services billed at $40,000. Badger Corporation's stock has been
Badger Corporation issued 5000 shares of its $5 par value common stock in payment for attorney services billed at $40,000. Badger Corporation's stock has been actively trading at $8 per share. The journal entry for this transaction would include a:
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A) debit to Legal Expense $25,000.
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B) debit to Legal Expense $40,000.
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C) credit to Common Stock $15,000.
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D) credit to Paid-in Capital in Excess of ParCommon $40,000.
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