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Elena corporation owes volmair inc. an advertising agency

Quetion: Elena Corporation owes Volmare Inc., an advertising agency, a sum of $42,000 for services rendered. When Elena Corporation goes public, it offers the agency 7,000 shares of its common stock in exchange for the payable service cost. The agency accepts the offer. The stock trades at $6 per share and the par value of the stock is $1. Which of the following is the correct journal entry to record this transaction in the books of Elena Corporation?

Service Expense                                                                                   42,000

          Paid-in Capital in Excess of Par—Common Stock                                              42,000

Cash                                                                                                    42,000

          Common Stock                                                                                                42,000

Service Expense                                                                                   42,000

          Common Stock                                                                                                42,000

Service Expense                                                                                   42,000

          Common Stock                                                                                                 7,000

          Paid-in Capital in Excess of Par—Common Stock                                              35,000

 
 

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