Stock Transaction Question

[Terry D EA]

I know most of you will think I have flipped by taking classes during tax season but here goes. If 500 shares of $2.00 par common stock is issued to an attorney for organizational fees and the value of the services provided is 7,500. Would the journal entries be debit 7,500 organizational expense, credit 1,000 common stock, credit Paid-In Capital 6,500 as excess in stated value?

Some of these stock transactions can drive you crazy and I probably have been looking at this too long. I know this isn't a tax related question or comment but any input is appreciated.

Thanks,

Terry D.

[RoyDaleOne]

Right On....