Solved: Lamar performed legal services for e garr due to a cash, Financial Accounting

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Lamar performed legal services for e garr due to a cash

Lamar performed legal services for E. Garr. Due to a cash shortage, an agreement was reached whereby E. Garr. would pay S. Lamar a legal fee of approximately $8,000 by issuing 2,000 shares of its common stock (par $1). The stock trades on a daily basis and the market price of the stock on the day the debt was settled is $4.50 per share. Given this information, the journal entry for E. Garr. to record this transaction is?

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Financial Accounting: Lamar performed legal services for e garr due to a cash

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