Corp issues common stock in exchange for legal services received. The common stock has a fair value

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Corp issues common stock in exchange for legal services received. The common stock has a fair value of $1,000 and a par value of $300. What is the journal entry required to record this transaction?

1) By what amount did this transaction affect Corp’s total shareholder equity?

2) By what amount did this transaction affect Corp’s net income for the year?

Related Book For answer-question

Applied Equity Analysis and Portfolio Management Tools to Analyze and Manage Your Stock Portfolio

ISBN: 978-1118630914

1st edition

Authors: Robert A.Weigand

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Posted Date: Aug 17, 2021 11:50 PM

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Corp issues common stock in exchange for legal services received. The common stock has a fair value

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Title Journal Entry Legal services Ac Dr 1000 To Equity share c... View the full answer

Applied Equity Analysis and Portfolio Management Tools to Analyze and Manage Your Stock Portfolio

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