Preparing Entry to Issue Stock for Noncash Consideration Ranier Corp. authorized the issuance of 400,000 shares of no-par common stock. The state of incorporation requires a minimum stated value of $4 per share of common stock issued. On February 1, 2020, Ranier issued 50 shares of common stock to a local law firm for legal services related to the start-up of the company with an estimated value of $1,500. Prepare the journal entry required on February 1, 2020. Hint:Start-up costs are expensed. Note: List multiple debits (when applicable) in alphabetical order and list multiple credits (when applicable) in alphabetical order. Date Account Name Cr. Feb. 1, 2020 Cash Common Stock Paid-in Capital in Excess of Par-Common Stock 0 Dr. 0 0 0 0 0