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Lee Company hires a consultant for a new project, and issues common stock with a par value of $100 in exchange for consulting services received.
Lee Company hires a consultant for a new project, and issues common stock with a par value of $100 in exchange for consulting services received. The common stock does not have an observable fair value. The consultant ordinarily charges $3,600 for the services received. What is the journal entry required to record this transaction?
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Dr. Consulting Fee Expense 4200 Dr. Consulting Fee Expense 3600 Cr. Additional Paid in Capital 3500 Cr. Additional Paid in Capital 4100 Cr. Common stock at par 100 Dr Cash 4200
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