Percy corporation was formed on January 1. The corporate charter authroized 100,000 shares of $10 par value common stock. During the first month of operation, the corporation issues 390 shares to its attorneys in payment of a $5,900 charge for drawings up the articles of incorporation. The entry to record this transaction would include:

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 390 shares to its attorneys in payment of a $5,900 charge for drawing up the articles of incorporation. The entry to record this transaction would include: Multiple Choice A credit to Paid-in Capital in excess of Por Volue, Common Stock for $5,90 A debit to Organization Expenses for $3.900 A debit to Paid In Copital in excess of Par Volue, Common Stock for $2,000 A credit to Common Stock for $5,000, A debit to Organization Expenses for $5.900