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Homework answers / question archive / Mena Company was established on January 1
Mena Company was established on January 1. The corporate charter authorized 1,000,000 shares of $10 par value common stock. During the first month of opration, the corporation issued 600 shares to its attorneys in payment of a $8,000 charge for drawing up the articles of incorporation. The entry to record this transaction would include: O A. A debit to Organization Expenses for $6,000. OB. A credit to Paid-in Capital in Excess of Par Value, Common Stock for $2,000. OC. A debit to Paid-in Capital in Excess of Par Value, Common Stock for $2,000. OD. A credit to Common Stock for $8,000.
