On May 5, 2021, Cullumber Corp. exchanged 3700 shares of its $25 par value treasury common stock
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Question:
On May 5, 2021, Cullumber Corp. exchanged 3700 shares of its $25 par value treasury common stock for a patent owned by Ivanhoe Co. The treasury shares were acquired in 2020 for $91000. At May 5, 2021, Cullumber's common stock was quoted at $37 per share, and the patent had a carrying value of $116000 on Ivanhoe's books. Cullumber should record the patent at
$91000.
$136900.
$92500.
$116000.
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