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Pina Colada Limited issued 2000 common shares in payment of its lawyer's bill of $7000. Pina Colada Limited assured the lawyer that the shares would
Pina Colada Limited issued 2000 common shares in payment of its lawyer's bill of $7000. Pina Colada Limited assured the lawyer that the shares would be worth $10000 within one year. The bill was for services performed in helping the company incorporate. Southern should record this transaction by debiting: Legal Fees Expense for $7000. Legal Fees Expense for $10000. Common Shares for $10000. Common Shares for $7000
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