PC Law Firm provides services for Cougar Capital Corp and bills $100,000 for their services, which cost them $70,000 to Cougar's common stock has a par value of $2 per share. The common stock shares trade actively and was trading for $ amount should the stock issuance be recorded on Cougar's books? 100.000

PC Law Firm provides services for Cougar Capital Corp and bills $100,000 for their services, which cost them $70,000 to Cougar's common stock has a par value of $2 per share. The common stock shares trade actively and was trading for $ amount should the stock issuance be recorded on Cougar's books? 100.000

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter20: Corporations: Organization And Capital Stock

Section: Chapter Questions

Problem 1CP: Prepare general journal entries for the following transactions, identifying each transaction by...

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East Co. issued 1,000 shares of its $5 par common stock toHowe as compensation for 1,000 hours of legal services performed.Howe usually bills $160 per hour for legal services. Onthe date of issuance, the stock was trading on a public exchange at$140 per share. By what amount should the additional paid-incapital account increase as a result of this transaction?
H. Tillman performed legal services for J. Laney. Due to a cash shortage, an agreement was reached whereby J. Laney. would pay H. Tillman a legal fee of approximately $11900 by issuing 2900 shares of its common stock (par $1). The stock trades on a daily basis and the market price of the stock on the day the debt was settled is $4.60 per share. Given this information, the journal entry for J. Laney. to record this transaction is:
Sloan Co. issued 1,000 shares of its P5 par ordinary share to Mercy West as compensation for 1,000 hours of legal services performed. Mercy West usually bills P160 per hour for legal services. However, other lawyers have different bill prices for essentially the same legal service. On the date of issuance, the stock was trading on a public exchange at P140 per share. By what amount should the share premium account increase as a result of this transaction? a. 135,000 b. 140,000 c. 155,000 d. 160,000
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Attorneys have helped Mikko Company incorporate and billed the company €12,000 for their services. They agree to accept 5,000 shares of €2 par value ordinary shares in payment of their bill. At the time of the exchange, there is no established market price for the shares. The company recorded: Accounts Impact Values Equity Capital Capital