I think the answer is c for this question tbh well yah
The answer is Residential rental property
Market economy is the economic system which private businesses can operate freely with minimal state control
Answer:
The journal entry for J. Laney. to record this transaction is:
Legal Expenses $13,920 (debit)
Common Stock $2,900 (credit)
Share Premium $11,020 (credit)
Explanation:
The Common Stocks are carried at par value of $1. This means that any price paid in excess of the par value is accounted for in the Share Premium Account.
The Common stocks issued are measured at the price required to settle the legal expenses and are paid in excess of par value of $1.
Share Premium = ($4.80 - $1.00) × 2900 shares
= $3.80 × 2,900
= $11,020
