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Jensen accepted 1,000 shares of $5 par common stock in Balm as payment for his legal services. The Balm shares were not yet publicly traded,
Jensen accepted 1,000 shares of $5 par common stock in Balm as payment for his legal services. The Balm shares were not yet publicly traded, but they had a book value of $4 per share. Jensen provided 48 hours of service, which is normally billed at $125 an hour. What is the journal entry that Balm should record for this transaction?
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