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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,

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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 400 shares to its in payment of a $6,000 charge for drawing up the articles of incorporation. The entry to record this transaction would include: A debit to Paid-in Capital in Excess of Par Value, Common Stock for $2,000. A debit to Organization Expenses for $6,000. A debit to Organization Expenses for $4,000 A credit to Paid-in Capital in Excess of Par Value. Common Stock for $6,000. A credit to Common Stock for $6,000

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