Under what circumstances should compensation expense be recorded for a stock option plan?
5.Berman Corporation was organized during 20xx.In organizing,the company incurred the following costs:
1.Paid the state $900 for the corporate charter and related fees of incorporation.
2.Paid the attorney $2,500 for services rendered in connection with filing incorporation papers with the state.
3.Issued 500 shares of $5 par value common stock to an accountant in exchange for accounting services valued at $3,000.
Prepare the entries in journal form necessary to record the above transactions without explanations.
Definitions:
Bureaucracy
An organizational structure characterized by hierarchical authority, rigid division of labor, written rules, and impersonal relationships, primarily in governmental and large institutional settings.
Rational-legal Authority
A form of leadership in which authority is largely tied to legal rationality, legal legitimacy, and bureaucracy.
Max Weber
A German sociologist, economist, and political theorist renowned for his theories on the structure of society, including bureaucracy and social stratification.
Social Class
A division of a society based on social and economic status.
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