When stock is issued for legal costs incurred in forming a corporation, the transaction is recorded by debiting organization expense for the:_______.

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28-07-2022
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When stock is issued for legal costs incurred in forming a corporation, the transaction is recorded by debiting organization expense for the:_______.

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anamta123ahmed anamta123ahmed · Answer 1 · 2022-08-05T08:28:19+02:00

When stock is issued for legal costs incurred in forming a corporation, the transaction is recorded by debiting organization expenses for the fair value of the stock.

Fair value is the sale price agreed upon by a willing customer and dealer. The fair value of a stock is determined through the marketplace wherein the stock is traded. Fair value additionally represents the cost of a organisation's assets and liabilities when a subsidiary company's financial statements are consolidated with a parent company

Market value is purely decided by the elements of demand and supply, and it is the price that isn't decided by the fundamental of an asset. Fair value refers to the real worth of an asset, which is derived fundamentally and is not determined by way of the factors of any market forces.

Upon issuance, common stock is recorded at par value with any amount acquired above that figure reported in an account such as capital in excess of par value. If issued for an asset or service instead of cash, the recording is primarily based at the fair value of the shares given up.

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