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What amount should fox additional paid-in capital account

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Reference no: EM132670197

Problem 1: Fox Co. issued 2,000 shares of its $2 par common stock to Owl Co. as compensation for 1,000 hours of legal services performed. Owl usually bills $200 per hour for legal services. On the date of issuance, the stock was trading on a public exchange at $90 per share. By what amount should Fox's additional paid-in capital account increase as a result of this transaction?

Group of answer choices

Option 1: $200,000

Option 2: $180,000

Option 3: $176,000

Option 4: $196,000

Reference no: EM132670197

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