Percy Corporation was formed on January 1. The corporate charter authorized 100,000 shares of $10 par value common stock. During the first month of operation, the corporation issued 280 shares to its attorneys in payment of a $4,800 charge for drawing up the articles of incorporation. The entry to record this transaction would include:. a. A debit to Organization Expenses for $4,800.
b. A debit to Organization Expenses for $2,800.
c. A credit to Common Stock for $4,800.
d. A credit to Paid-in Capital in Excess of Par Value, Common Stock for $4,800.
e. A debit to Paid-in Capital in Excess of Par Value, Common Stock for $2,000.