WikWok hires a consultant for a new project, and issues common stock with a par value of

$100 in exchange for consulting services received. The common stock has an observable fair

value of $4200. The consultant ordinarily charges $3600 for the services received.

What is the journal entry required to record this transaction?

Cr. Additional paid-in capital --$4100

Dr. Consulting fee expense --$3600

Dr. Consulting fee expense --$4200

Cr. Additional paid-in capital --$3500

Dr. Cash --$4200

Cr. Common stock at par --$100