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December 1

$34 per share

The service period is for three years beginning January 1, 2015.
As a result of the option granted to Telfer, using the fair value
method, Evans should recognize compensation expense for 2015
on its books in the amount of

12) Presented below is information related to Hale Corporation:

Common Stock, $1 par

$4,500,000

Paid-in Capital in Excess of Par―Common Stock 550,000

Preferred 8 1/2% Stock, $50 par

2,000,000

Paid-in Capital in Excess of Par―Preferred Stock 400,000

Retained Earnings

1,500,000