FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Montgomery & Co., a well-established law firm, provided 590 hours of its time to Fink Corporation in exchange for 1,000 shares of Fink's $5 par

Montgomery & Co., a well-established law firm, provided 590 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 $790 per hour, and Fink's stock has a book value of $340 per share. By what amount will Fink's Paid-in capitalexcess of par increase for this transaction? Show your work.

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

Students also viewed these Accounting questions

Question

(Appendix) Megan, age 24, recently graduated from college. She was insured as a dependent under her fathers group health insurance policy, which provided coverage for her as a student until she...

Answered: 1 week ago

Question

★★★★★
Soon after Gast purchased a used auto from a Chevrolet dealer, he experienced a series of mechanical problems with the car. Gast refused to make further payments on the bank note that had financed...

Answered: 1 week ago

Question

★★★★★
The holding period of property received in a like-kind exchange

Answered: 1 week ago

Question

★★★★★
2 Linda's Luxury Travel (LLT) is considering the purchase of two Hummer limousines. Various Information about the proposed Investment follows: 10 points Useful life Initial investment (2 limos)...

Answered: 1 week ago

Question

★★★★★
O'Hara Photography's checkbook lists the following (Click the icon to view the checkbook.) Read the requirements Requirement 1. Prepare O'Hara Photography's bank reconciliation at November 30, 2024....

Answered: 1 week ago

Question

★★★★★
On January 1, 2022, Blossom Corporation acquired machinery for $1470000. Blossom adopted the straight-line method of depreciation for this machine and had been recording depreciation over an...

Answered: 1 week ago

Question

★★★★★
The result of a TLC experiment showed that a compound has an Rf value of 0.25 on a silica gel plate using 10% ethyl acetate in hexane as the mobile phase. Indicate if the Rf values of the compound...

Answered: 1 week ago

Question

★★★★★
What are the purposes of promotion ?

Answered: 1 week ago

Previous Question Next Question