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S. Lawyer performed legal services for E. Corp. Due to a cash shortage, an agreement was reached whereby E. Corp. would pay S. Lawyer a

S. Lawyer performed legal services for E. Corp. Due to a cash shortage, an agreement was reached whereby E. Corp. would pay S. Lawyer a legal fee of approximately $20,000 by issuing 5,000 ordinary shares (par $1). The shares trade on a daily basis and the market price of the shares on the day the debt was settled is $3 per share. Given this information, the journal entry for E. Corp. to record this transaction is: Select one: a. Legal Expense 15,000 Share Capital Ordinary 15,000 b. Legal Expense 20,000 Share Capital Ordinary 5,000 Share Premium Ordinary 15,000 c. Legal Expense 15,000 Share Capital Ordinary 5,000 Share Premium Ordinary 10,000 d. Legal Expense 20,000 Share Capital Ordinary 20,000

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