On June 30, 2021, Pharoah, Inc. exchanged 5200 shares of Sheridan Corp. $30 par value common stock for a patent owned by SunlandCo. The Sheridan stock was acquired in 2021 at a cost of $157000. At the exchange date, Sheridan common stock had a fair value of $40 per share, and the patent had a net carrying value of $302000 on Sunland's books. Pharoah should record the patent at

multiple choice

$208000.

$156000.

$302000.

$157000.