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. Montgomery'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
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “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 ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Beal Manufacturing Co.'s static budget at 12,000 units of production includes $72,000 for direct labor and $12,000 for direct materials. Total fixed costs are $48,000.
Answers (1)
Pentex and Marbro, small companies in the stationery business, each had a dollar gross margin of $20,000 during September 2014. Pentex's September sales were twice that of Marbro's.
Answers (1)
In an open economy, GDP is $12 trillion this year. Consumption is $8 trillion, and government spending is $2 trillion. Taxes are $0.5 trillion. Exports are $1 trillion, and imports are $3 trillion. How much is private saving
Answers (1)
Daisy Company manufactures dog collars. The following selected data relates to Daisy Company's budgeted sales and inventory levels of the dog collars for the upcoming quarter: October expected unit sales 2,400 November expected unit sales 2,300
Answers (1)
Mint Company is considering purchasing a machine with a cost of $10,000 and a useful life of 20 years. Mint expects the machine to produce net annual cash flows of $2,000 each year.
Answers (1)
New Questions in Business
Prepare the Statement of Cash Flows for Smart Touch Learning for the month ended December 31, 2016 from the provided information. Within each section of the statement, use the drop-down menus to enter the accounts.
Answers (1)
A company is considering purchasing a machine for $21,000. The machine will generate an after-tax net income of $2,000 per year. Annual depreciation expense would be $1,500. What is the payback period for the new machine? a. 4 years. b. 6 years. c.
Answers (1)
A company purchased a delivery van for $15,500 with a salvage value of $2,300 on September 1, Year 1. It has an estimated useful life of 4 years.
Answers (1)
Money has a time value because
Answers (1)
Differentiate between needs and wants?
Answers (1)