Q17. On June 30, 2015, Cey, Inc. exchanged 6,000 shares of Seely Corp. $30 par value common stock for a patent owned by Gore Co. The Seely stock was acquired in 2015 at a cost of $165,000. At the exchange date, Seely common stock had a fair value of 340 per share, and the patent had a net carrying value of $330,000 on Gore's books. Cey should record the patent at a. $330,000. b. $240,000. c. $180,000. d. $165,000. 018. Which of the following costs of goodwill hould be amortized over their estimated Costs of goodwill from a Costs of developing lives? b. C. d. Yes No Yes No No Yes Yes No Q19. On January 1, 2013, ABC Company has an account receivable with a balance of $7,000 and allowance for uncollectible account with a credit balance of $600. During the year, ABC makes a credit sale of $15,000, and writes off account receivable of $450. It also collects cash of $14,500 from customers. Assuming the company estimates that future bad debts will equal 10% of the year-end balance in accounts receivable, how much bad debt expense should ABC recognize at the end of 2013? a. $700. b. $600. c. $585. d. $555