Jensen performed legal services to assist balm co. in accomplishing its initial organization. jensen accepted 1,000 shares of $5 par common stock in balm as payment for his services. the balm shares were not yet publicly traded, but they had a book value of $4 per share. jensen provided 48 hours of service, which is normally billed at $125 per hour. by what amount should the common stock account increase

Rosie and her brother michael decided recently to purchase an rv together. they both want to use the rv to take their families camping. the price of the rv was $10,000. since michael expects to use the rv 60% of the time and rosie 40% of the time, michael contributed $6,000 and rosie contributed $4,000. their ownership percentage equals their contribution percentage. which type of property titling should they use to reflect their ownership interest?