Time left 0:05:49 Simon Company issued 4,000 shares of its $5 par value common stock in payment of its attorney's bill of $35,000. The bill was for services performed in helping the company incorporate. Simon should record this transaction by debiting a. Organization Expense for $35,000. O b. Organization Expense for $20,000. O c. Legal Expense for $35,000. O d. Legal Expense for $20,000. Clear my choice A corporation purchases 30,000 shares of its own $20 par common stock for $35 per share, recording it at cost. What will be the effect on total stockholders' ?equity .a Decrease by $1,050,000 .b Decrease by $600,000 .C Increase by $600,000 .d Increase by $1,050,000 ABC Company is a publicly held corporation whose $1 par value stock is actively traded at $22 per share. The company issued 2,000 shares of stock to acquire land recently advertised at $55,000. When recording this transaction, ABC Company will .a credit Paid-In Capital in Excess of Par Value for $53,000. .b credit Common Stock for $44,000. .C debit Land for $44,000. .d debit Land for $55,000