Crain Company Issued 2,000 Shares of Its $5 Par Value

question 55

Multiple Choice

Crain Company issued 2,000 shares of its $5 par value common stock in payment of its attorney's bill of $30,000. The bill was for services performed in helping the company incorporate. Crain should record this transaction by debiting

• A) Legal Expense for $10,000.
• B) Legal Expense for $30,000.
• C) Organization Expense for $10,000.
• D) Organization Expense for $30,000.

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Definitions:

ATP

Adenosine Triphosphate, a molecule that serves as the primary energy carrier in cells, facilitating metabolic processes.

Light

Electromagnetic radiation that can be detected by the human eye, essential for photosynthesis and visual perception.

Light-Independent Reactions

Chemical reactions in photosynthesis that convert carbon dioxide and other compounds into glucose, occurring in the stroma of chloroplasts and independent of light.