Paid-in capital-excess of par increase for transaction, Accounting Basics

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Paid-in capital-excess of par increase for transaction

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: Paid-in capital-excess of par increase for transaction

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Accounting Basics: Paid-in capital-excess of par increase for transaction

Reference No:- TGS071779

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : Cox diluted earnings per share

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Q : Paid-in capital-excess of par increase for transaction

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Paid-in capital-excess of par increase for transaction

Reference No:- TGS071779

Recent Questions Asked Accounting Basics

Q : Cox diluted earnings per share

Q : Devine basic earnings per share

Q : Appropriate number of shares used in the basic earning share

Q : Changes in retained earnings

Q : Paid-in capital-excess of par increase for transaction

Q : Balance of a treasury stock account

Q : Report as capitalized lease liability

Q : Create a future taxable amount

Q : Creating a future taxable amount

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