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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 opration,
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 A credit to Common Stock for $8.000 A A debit to Organization Expenses for $6,000.0 A credit to Paid-in Capital in Excess of Par Value. Common Stock for $2.000.c A debit to Paid-in Capital in Excess of Par Value Common Stock for $2.000.0
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