On June 30, 2007, Cey, Inc

Multiple Choice

On June 30, 2007, Cey, Inc.exchanged 2,000 shares of Seely Corp.$30 par value common stock for a patent owned by Gore Co.The Seely stock was acquired in 2007 at a cost of $55,000.At the exchange date, Seely common stock had a fair value of $45 per share, and the patent had a net carrying value of $110,000 on Gore's books.Cey should record the patent at

A) $55,000.
B) $60,000.
C) $90,000.
D) $110,000.