Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

On June 30, 2001, Cole Inc., exchanged 3,000 shares of Stone Corp. $30 par value common stock for a patent owned by Gore Co.. The Stone stock was acquired in 1999 at a cost of $80,000. At the exchange date, Stone common stock had a fair value of $45 per share, and the patent had a net carrying value of $160,000 on Gore's books. Cole should record the patent at:

a) $80,000

b) $90,000

c) $135,000

d) $160,000

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M941174

Have any Question? 


Related Questions in Accounting Basics

Questionwhat are the main reasons why individuals and

Question: What are the main reasons why individuals and organisations should plan and control their cash flows?

Accounting information systems assignmentthe processes of

ACCOUNTING INFORMATION SYSTEMS ASSIGNMENT: The processes of selecting an AIS/ERP to make informed decision for investment in an accounting software. Group Assignment Scenario B Bakery is a family owned firm with around 7 ...

Part 1the chief executive officer ceo of a pharmaceuticals

Part 1 The chief executive officer (CEO) of a pharmaceuticals company wants to invest in new architecture and art for the company headquarters. You have been chosen to recommend artwork for the new location. Review the f ...

In recent years a number of companies have gone into

In recent years a number of companies have gone into liquidation (been ‘wound up') because they have not been able to meet their liabilities when they fell due. In Australia, there are some well-publicised examples such ...

Case study - the complete accounting cyclerequirement 1

CASE STUDY - THE COMPLETE ACCOUNTING CYCLE REQUIREMENT 1: During its first month of operation, the View Corporation, a construction company which specializes in home remodeling, completed the following transactions: 1-Ja ...

Management accounting - farnsworths fine furniture

Management Accounting - Farnsworth's Fine Furniture Ltd Question 1 - (a) Prepare a new profit statement for Fred, using a variable costing approach (Also known as marginal costing, or the contribution margin approach). Y ...

Accounting questioncase scenario japanese gaap vs chinese

Accounting Question: Case scenario: Japanese GAAP vs. Chinese Convergence Research and compare the convergence of China's financial reporting standards with U.S. GAAP or IAS GAAP since 1999 and respond to the following q ...

1-1 define marketing and outline the steps in the marketing

1-1. Define marketing and outline the steps in the marketing process. (AACSB: Written and Oral Communication) 1-2. What is marketing myopia, and how can it be avoided? (AACSB: Written and Oral Communication; Reflective T ...

Accounting information systems assignment-the processes of

ACCOUNTING INFORMATION SYSTEMS ASSIGNMENT- The processes of selecting an AIS/ERP to make informed decision for investment in an accounting software. Group Assignment Scenario- B Bakery is a family owned firm with around ...

Problemshareholders equity transactions and statement of

Problem Shareholders' Equity Transactions and statement of Financial position presentation The shareholder's equity og M. Gangoso corporation at Jan 1, 2016 appers below: *% preference share, P250 par, 15,000 shares auth ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate