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Badger Corporation issued 5000 shares of its $5 par value common...

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Accounting

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Badger Corporation issued 5000 shares of its $5 par value common stock in payment for attorney services billed at $40,000. Badger Corporation's stock has been actively trading at $7 per share. The journal entry for this transaction would include a: credit to Additional Paid in Capital $40,000. debit to Legal Expense $40,000. debit to Legal Expense $35,000. credit to Common Stock $55,000. None of the above

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