Preparing Entry to Issue Stock for Noncash Consideration Ranier Corp. authorized the issuance of 400,000 shares of no-par common stock. The state of incorporation requires a minimum stated value of $4 per share of common stock issued. On February 1 , Ranier issued 50 shares of common stock to a local law firm for legal services related to the start-up of the company with an estimated value of $1,500. Prepare the journal entry on February 1. Hint: Start-up costs are expensed as incurred