Chandler & Co. provided 450 hours of its time to Joey Corporation and received 1,000 shares of Joey's $5 par common stock in exchange for services rendered. Chandler's usual billing rate is $650 per hour, and Joey's stock has a book value of $330 per share. By what amount will Joey's paid-in capital—excess of par increase for this transaction?

Answer rating: 100% (QA)

To calculate the increase in Joey Corporations paidin capitalexcess of par we need to determine the ... View the full answer