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Excess of par increase for this transaction

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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.

Write steps for your answer.

 

 

Reference no: EM13116388

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