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Mena Company was established on January 1. The corporate charter authorized 1.000.000 shares of $10 par value common stock. During the first month of
Mena Company was established on January 1. The corporate charter authorized 1.000.000 shares of $10 par value common stock. During the first month of opration, the corporation issued 600 shares to its attorneys in payment of a $8,000 charge for drawing up the articles of incorporation. The entry to record this transaction would include: OAA credit to Paid-in Capital in Excess of Par Value. Common Stock for $2,000. B. A credit to Common Stock for $0.000. CA debit to Paid-in Capital in Excess of Par Value Common Stock for $2.000 D. A debit to Organization Expenses for $6,000.
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