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Retro Company is authorized to issue 10,000 shares of 8%, $100 par value preferred stock and 500,000 shares of no par common stock with a

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Retro Company is authorized to issue 10,000 shares of 8%, $100 par value preferred stock and 500,000 shares of no par common stock with a stated value of $1 per share. If Retro issues 10,000 shares of common stock to pay its recent attorney's bill of $50,000 for legal services on a land access dispute, which of the following would be the best journal entry for Retro to record? 10,000 Legal Expense Common Stock 10.000 50.000 Legal Expense Common Stock 50.000 50.000 Legal Expense Common Stock Pald-In Capital in Excess of Par Value - Common 10.000 40100 50.000 Legal Expense Common Stock Paldin Capital in excess of Stated Value - Common 10.000 0.000

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