Brown Company issued 100,000 shares of its $1 par common stock to the Mary Keim law firm

Question:

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

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question
Question Posted: