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Which is the best journal entry for Pharoah to record

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Question - Pharoah Company is authorized to issue 8000 shares of 9%, $100 par value preferred stock and 550000 shares of no-par common stock with a stated value of $1 per share. If Pharoah issues 8000 shares of common stock to pay its recent attorney's bill of $56000 for legal services on a land access dispute, which of the following would be the best journal entry for Pharoah to record?

Reference no: EM132480151

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