East Co. issued 2,000 shares of its $5 par common stock to Krannik

The following accounts were among those reported on Luna Corp
May 5, 2020
Ten thousand shares of $10 par value common stock were issued initially
May 5, 2020

East Co. issued 2,000 shares of its $5 par common stock to Krannik

as compensation for 1,000 hours of legal services performed. Krannik usually bills $200 per hour for legal services. On the grant date of the shares, the stock was trading on a public exchange at $160 per share. By what amount should the additional paid-in capital account increase? $320,000
$310,000
$200,000
$190,000

 
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