Mitchells usual billing rate is 700 per hour and finks, Ask an Expert

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Montgomery & Co., a well established law firm, provided 500 hours of its time to Fink Corporation in exchange for 1,000 shares of Fink's $5 par common stock. Mitchell's usual billing rate is $700 per hour, and Fink's stock has a book value of $250 per share. By what amount will Fink's Paid-in capital - excess of par increase for this transaction?

A. $345,000.

B. $295,000.

C. $350,000.

D. $300,000.

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Accounting Basics, Accounting

Category:- Accounting Basics
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