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Splish Brothers Inc. is authorized to issue 9000 shares of 9%, $100 par value preferred stock and 570000 shares of no-par common stock with a

Splish Brothers Inc. is authorized to issue 9000 shares of 9%, $100 par value preferred stock and 570000 shares of no-par common stock with a stated value of $1 per share. If Splish issues 9000 shares of common stock to pay its recent attorney's bill of $47000 for legal services on a land access dispute, which of the following would be the best journal entry for Splish to record? Legal Expense 47000 Common Stock 47000 Legal Expense 47000 Common Stock 9000 Paid-in Capital in Excess of Par value- Common 38000 Legal Expense 9000 Common Stock 9000 Legal Expense 47000 Common Stock 9000 38000 Paid-in Capital in Excess of Stated Value - Common

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