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Percy Corporation was formed on January 1. The corporate charter authorized 100,000 shares...

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Accounting

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 260 shares to its attorneys in payment of a $4,600 charge for drawing up the articles of incorporation. The entry to record this transaction would include
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