Multiple Choice
On June 30, 2010, Rock, Ltd.exchanged 3,000 of Shale Corp.no par value common shares for a patent owned by Iller Co.The Shale shares were acquired in 2008 at a cost of $80,000.At the exchange date, Shale common shares have a fair value of $45 per share, and the patent had a net carrying value of $160,000 on Iller's books.Rock should record the patent at
A) $160,000.
B) $135,000.
C) $90,000.
D) $80,000.
Correct Answer:
Verified
Correct Answer:
Verified
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