Matthew Company issues 4,000 ordinary shares to its external lawyers for services related to the successful completion of a lawsuit that Matthew Company is currently defending. The lawyers spent 250 hours working on the case. On the basis of recent invoices from the lawyers, Matthew Company determines the fair value of the services received to be P1,400 per hour. The quoted price of the shares was P58. The amount to be reported as expense in relation to legal services received is.
Matthew Company issues 4,000 ordinary shares to its external lawyers for services related to the successful completion of a lawsuit that Matthew Company is currently defending. The lawyers spent 250 hours working on the case. On the basis of recent invoices from the lawyers, Matthew Company determines the fair value of the services received to be P1,400 per hour. The quoted price of the shares was P58. The amount to be reported as expense in relation to legal services received is.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter17: Advanced Issues In Revenue Recognition
Section: Chapter Questions
Problem 17E
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Matthew Company issues 4,000 ordinary shares to its external lawyers for services related to
the successful completion of a lawsuit that Matthew Company is currently defending. The
lawyers spent 250 hours working on the case. On the basis of recent invoices from the
lawyers, Matthew Company determines the fair value of the services received to be P1,400
per hour. The quoted price of the shares was P58.
The amount to be reported as expense in relation to legal services received is.
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