On May 5, 2007, Flynn Corp

Multiple Choice

On May 5, 2007, Flynn Corp.exchanged 2,000 shares of its $25 par value treasury common stock for a patent owned by Denson Co.The treasury shares were acquired in 2006 for $45,000.At May 5, 2007, Flynn's common stock was quoted at $32 per share, and the patent had a carrying value of $55,000 on Denson's books.Flynn should record the patent at

A) $45,000.
B) $50,000.
C) $55,000.
D) $64,000.