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Shackelford Corporation acquired a patent from its founder, Jim Shackelford, in exchange for 68,000 shares of the companys no-par common stock. On the date of

Shackelford Corporation acquired a patent from its founder, Jim Shackelford, in exchange for 68,000 shares of the companys no-par common stock. On the date of the exchange, the common stock had a fair value of $25 per share.

Determine the cost of the patent

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