Answered step by step
Verified Expert Solution
Question
00
1 Approved Answer
Pharoah Co. acquires 3 patents from Sheridan Corp. for a total of $294000. The patents were carried on Sheridan's books as follows: Patent AA: $5300;
Pharoah Co. acquires 3 patents from Sheridan Corp. for a total of $294000. The patents were carried on Sheridan's books as follows: Patent AA: $5300; Patent BB: $2850; and Patent CC: $1200. When Pharoah acquired the patents their fair values were: Patent AA: $25000; Patent BB: $210000; and Patent CC: $65000. At what amount should Pharoah record Patent BB ? $205800$196000$2850$98000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started