Question
Crane Co. acquires 3 patents from Cullumber Corp. for a total of $270000. The patents were carried on Cullumbers books as follows: Patent AA: $5900;
Crane Co. acquires 3 patents from Cullumber Corp. for a total of $270000. The patents were carried on Cullumbers books as follows: Patent AA: $5900; Patent BB: $2600; and Patent CC: $3100. When Crane acquired the patents their fair values were: Patent AA: $20000; Patent BB: $210000; and Patent CC: $50000. At what amount should Crane record Patent BB?
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Principles Of Accounting
Authors: Steven M. Bragg
1st Edition
1642210773, 978-1642210774
