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Brain Company issued 2,000 shares of its $5 par value common stock in payment of its attorney's bill of $30,000. The bill was for services
Brain Company issued 2,000 shares of its $5 par value common stock in payment of its attorney's bill of $30,000. The bill was for services performed in helping the company incorporate Brain should record this transaction by crediting Common Stock for $30,000. The bill does not need to be recorded because no cash payment was involved. Common Stock for $10,000. Legal Expense for $30,000. 1.67 points Fish Corp purchased 20,000 shares of its own $2 par common stock at a cost of $13 per share on April 30, 2021 (treasury stock). The entry to record the purchase of the treasury shares would include a credit to Common Stock in the amount of $40,000. Cash in the amount of $260,000. Treasury Stock in the amount of $260,000. Common Stock in the amount of $260,000
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