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MC Qu. 116 Percy Corporation was formed... Percy Corporation was formed on January 1. The corporate charter authorized 100,000 shares of $10 par value common

MC Qu. 116 Percy Corporation was formed...

Percy Corporation was formed on January 1. The corporate charter authorized 100,000 shares of $10 par value common stock. During the first month of operation, the corporation issued 240 shares to its attorneys in payment of a $4,400 charge for drawing up the articles of incorporation. The entry to record this transaction would include:

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