Mini corp acquires a patent from maxi co in exchange for, Ask an Expert

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Mini Corp. acquires a patent from Maxi Co. in exchange for 3,000 shares of Mini Corp.'s $1 par value common stock and $75,000 cash. When the patent was initially issued to Maxi Co., Mini Corp.'s stock was selling at $10 per share. When Mini Corp. acquired the patent, its stock was selling for $12 a share. Mini Corp. should record the patent at what amount?

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Accounting Basics, Accounting

Category:- Accounting Basics
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