How much should the legal services be valued? Please explain the answer.
Chapter19: Corporations: Distributions Not In Complete Liquidation
Section: Chapter Questions
Problem 1BCRQ
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[Accounting for Corporation]
Karima Corporation issued 2, 000 shares for legal services with a fair value of USD500, 000 on March 22. On this date, the shares are trading at a market value of USD150 per share. How much should the legal services be valued? Please explain the answer.
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