Melamed & Company, a well-established law firm, provided 560…
Melamed & Company, a well-established law firm, provided 560 hours of its time to Fink Corporation and received 1,000 shares of Fink’s $5 par common stock in exchange for services rendered. Melamed’s usual billing rate is $650 per hour, and Fink’s stock has a book value of $350 per share. The fair value of Fink’s common stock is not readily determinable. By what amount will Fink’s paid-in capital—excess of par increase for this transaction?