Jensen performed legal services to assist Balm Co. in accomplishing its initial organization. Jensen accepted 1,000...
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Jensen performed legal services to assist Balm Co. in accomplishing its initial organization. Jensen accepted 1,000 shares of $5 par common stock in Balm as payment for his services. The Balm shares were not yet publicly traded, but they had a book value of $4 per share. Jensen provided 48 hours of service, which is normally billed at $125 per hour. By what amount should the common stock account increase? a. $1,000 b. $4,000 c. $5,000 d. $6,000 Jensen performed legal services to assist Balm Co. in accomplishing its initial organization. Jensen accepted 1,000 shares of $5 par common stock in Balm as payment for his services. The Balm shares were not yet publicly traded, but they had a book value of $4 per share. Jensen provided 48 hours of service, which is normally billed at $125 per hour. By what amount should the common stock account increase? a. $1,000 b. $4,000 c. $5,000 d. $6,000
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Related Book For
Smith and Robersons Business Law
ISBN: 978-1337094757
17th edition
Authors: Richard A. Mann, Barry S. Roberts
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