Montgomery Co A Well Established Law Firm Provided 500 Hours Of Its Time To Fink

17. 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.

 

"Looking for a Similar Assignment? Get Expert Help at an Amazing Discount!"