Question: Lewelling Company issued 100 000 shares of its 1 par common

Lewelling Company issued 100,000 shares of its $1 par common stock to the Michael Morgan law firm as compensation for 4,000 hours of legal services performed. Morgan's usual rate is $240 per hour. By what amount should Lewelling's paid-in capital—excess of par increase as a result of this transaction?


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  • CreatedJuly 05, 2013
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