Question
Question 1. Mini Corp. acquires a patent from Maxi Co. in exchange for 2,500 shares of Mini Corp.s $1 par value common stock and $90,000
Question 1. Mini Corp. acquires a patent from Maxi Co. in exchange for 2,500 shares of Mini Corp.s
$1 par value common stock and $90,000 cash. When the patent was initially issued to Maxi Co., Mini Corp.s stock was selling at $7.50 per share. When Mini Corp. acquired the patent, its stock was selling for $9 a share. What amount should Mini Corp. should record the patent? Show your calculation?
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Horngrens Financial And Managerial Accounting The Financial Chapters
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura
6th Edition
978-0134486840, 134486838, 134486854, 134486846, 9780134486833, 978-0134486857
