On May 5, 2011, MacDougal Corp

Multiple Choice

On May 5, 2011, MacDougal Corp.exchanged 2,000 shares of its $25 par value treasury ordinary shares for a patent owned by Masset Co.The treasury shares were acquired in 2010 for $45,000.At May 5, 2011, MacDougal's ordinary shares was quoted at $34 per share, and the patent had a carrying value of $55,000 on Masset's books.MacDougal should record the patent at

A) $45,000.
B) $50,000.
C) $55,000.
D) $68,000.