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Voltaire Corporation issued 6,000 ordinary shares of CHF5 par value for CHF20 per share. The entry to record this transaction includes a credit to Share Premium–Ordinary for CHF30,000, representing the amount paid in excess of par value. E. Corp issued 5,000 ordinary shares to S. Lawyer in settlement of a $20,000 legal fee. The market price on the day of settlement was $3 per share. The correct journal entry is a debit to Legal Expense for $15,000 and credits to Share Capital-Ordinary for $5,000 and Share

Author

RB

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EN