INTERMEDIATE ACCOUNTING(EBOOK-W/WILEY+)
17th Edition
ISBN: 9781119614142
Author: Kieso
Publisher: WILEY
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Summit Enterprises has provided the following financial data please answer the financial accounting question
Metro Corp. acquires a patent from Maxwell Co. in exchange for 3,000 shares of Metro Corp.'s $5 par value common stock and $85,000 cash. When the patent was initially issued to Maxwell Co., Metro Corp.'s stock was selling at $8 per share. However, when Metro Corp. acquired the patent, its stock was selling for $10 per share. At what amount should Metro Corp. record the patent?
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