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East Co. issued 1,000 shares of its $5 par common stock to Howe as compensation for 1,000 hours of legal services performed. Howe usually bills $150 -$160 per hour for legal services. On the date of issuance, the stock was trading on a public exchange for $140 per share. By what amount should the additional paid-in-capital account increase as a result of this transaction.

$135,000

$140,000

$155,000

$160,000

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M948656

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