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ANSWER BOTH QUESTIONS

If Marigold Company issues 5500 shares of $5 par value common stock for $181000, paid-In Capital in Excess of Par will be credited for $27500. cash will be debited for $153500. paid-In Capital in Excess of Par will be credited for $153500. common Stock will be credited for $181000. Sheridan Company issued 3200 shares of its $5 par value common stock in payment of its attorney's bill of $29300. The bill was for services performed in helping the company incorporate. Sheridan should record this transaction by debiting Organization Expense for $29300. Organization Expense for $16000. Legal Expense for $29300. Legal Expense for $16000