CoronadoBeverage Company is authorized to issue 9600 shares of 7%, $100 par value preferred stock and...
CoronadoBeverage Company is authorized to issue 9600 shares of 7%, $100 par value preferred stock and 540000 shares of no-par common stock with a stated value of $1 per share. If Coronado issues 8600 shares of common stock to pay its recent attorney’s bill of $38500 for legal services on a land access dispute, which of the following would be the journal entry for Coronado to record?
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Homework Answers
Answer is b.
Legal expense will be debited for $38500
Common stock will be credited for $8600 i.e. 8600 x $1 (stated value)
And paid in capital in excess of stated value will be credited for $29900 i.e. (38500-8600)
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CoronadoBeverage Company is authorized to issue 9600 shares of
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