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By what amount will fink paid-in capital

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Reference no: EM13512421

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?

$345,000.
$295,000.
$350,000.
$300,000

Reference no: EM13512421

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