Jote Receivable $10.200; credit Accounts Rece Collapse ales $10,000 credit Accounts Receivable $10,000, QUESTION 49 Percy Corporation was formed on January 1. The corporate charter authorized 100,000 shares of $10 par value common stock. During the first month 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 transaction would include: O A A debit to Organization Expenses for $4,000. OB. A debit to Organization Expense for $5,000. OC. A credit to Common Stock for $5,000. D. A credit to Paid-in Capital in Excess of Par Value, Common Stock for $5,000. E. A debit to Paid-in Capital in Excess of Par Value, Common Stock for $2,000. QUESTION 50 A company purchased a tract of land for its natural resources at a cost of $1,500,000. It expects to mine 2,000,000 tons of ore from this land. The salv. the land is expected to be $250,000. The depletion expense per ton of ore is: A. $0.75