On February 20, services valued at $60,000 relating to the organization of a corporation were performed in exchange for 1,000 shares of its $25 par value common stock. Make the necessary journal entry.

The solution has been attached

Explanation:

From the question, we are informed that on February 20, services valued at $60,000 relating to the organization of a corporation were performed in exchange for 1,000 shares of its $25 par value common stock.

The common stock was calculated as:

= 1000 × $25

= $25,000

The paid on capital in excess of the par common stock was calculated as:

= $60,000 - $25,000

= $35,000

The journal has been solved and attached.

you can put this in your 11 sentence summary

" most of the money would be invested in innovation, economic convergence."

answer; capital structure decision;