Why would a law firm ever consider accepting stock of a new corporation having a total par

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Why would a law firm ever consider accepting stock of a new corporation having a total par value of \(\$ 320,000\) as payment in full of a \(\$ 480,000\) bill for legal services rendered? If such a transaction occurred, give the journal entry the issuing company would make on its books.

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Financial Accounting A Business Perspective

ISBN: 9780072289985

7th Edition

Authors: Roger H. Hermanson, James Don Edwards

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