Flag question Montgomery & Co., a well-established law firm, provided 500 hours of its time to Fink Corporation and received 11,000 shares of Fink's $5 par common stock in exchange for services rendered. Montgomery's usual billing rate is $700 per hour. By what amount will Fink's paid-in capital-excess of par increase for this transaction? Select one: O A. $300,000 B. $350,000. O C. $295,000. O D. $345,000 Previous page Next page Cost estimates on a long-term contract may indicate that an overall loss will result on completion of the entire contract. In this case, the entire expected loss should be Select one: O A. recognized in the current period, regardless of whether the percentage-of- completion or completed-contract method is employed. OB. recognized in the current period under the percentage-of-completion method, but the completed-contract method defers recognition of the loss to the time when the contract is completed. O C. recognized in the current period under the completed-contract method, but the percentage-of-completion method defers the loss until the contract is completed. O D. deferred and recognized when the contract is completed, regardless of whether the percentage-of-completion or completed-contract method is employed