On June 30, 2021, Crane, Inc. exchanged 5900 shares of Cullumber Corp. $30 par value common stock for a patent owned by IvanhoeCo. The Cullumber stock was acquired in 2021 at a cost of $164000. At the exchange date, Cullumber common stock had a fair value of $47 per share, and the patent had a net carrying value of $309000 on Ivanhoe's books. Crane should record the patent at
On June 30, 2021, Crane, Inc. exchanged 5900 shares of Cullumber Corp. $30 par value common stock for a patent owned by IvanhoeCo. The Cullumber stock was acquired in 2021 at a cost of $164000. At the exchange date, Cullumber common stock had a fair value of $47 per share, and the patent had a net carrying value of $309000 on Ivanhoe's books. Crane should record the patent at
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On June 30, 2021, Crane, Inc. exchanged 5900 shares of Cullumber Corp. $30 par value common stock for a patent owned by IvanhoeCo. The Cullumber stock was acquired in 2021 at a cost of $164000. At the exchange date, Cullumber common stock had a fair value of $47 per share, and the patent had a net carrying value of $309000 on Ivanhoe's books. Crane should record the patent at
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