Multiple Choice
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.
Correct Answer:
Verified
Correct Answer:
Verified
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