Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Montgomery & Co., a well established law firm, provided 460 hours of its time to Fink Corporation in exchange for 1,000 shares of Fink's $5

Montgomery & Co., a well established law firm, provided 460 hours of its time to Fink Corporation in exchange for 1,000 shares of Fink's $5 par common stock. Montgomery's usual billing rate is $750 per hour, and Fink's stock has a book value of $180 per share. By what amount will Fink's Paid-in capital excess of par increase for this transaction?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Nessus Network Auditing

Authors: Russ Rogers

2nd Edition

1597492086, 978-1597492089

More Books

Students also viewed these Accounting questions

Question

2. How should this be dealt with by the organisation?

Answered: 1 week ago

Question

explain what is meant by the term fair dismissal

Answered: 1 week ago