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Percy Corporation was formed on January 1. The corporate charter authorized 100,000 shares of $10 par...

Percy Corporation was formed on January 1. The corporate charter authorized 100,000 shares of $10 par value common stock. During the first month of operation, the corporation issued 400 shares to its attorneys in payment of a $6,000 charge for drawing up the articles of incorporation. The entry to record this transaction would include:
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Journal Entries :- Accounts Title & Explanation Debit $ Credit $ Date Organizational expense 01-Jan 5,000 Cash (400*10) 4,000

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