On june 30 2013 cey inc. exchanged 4000 shares of selly, Ask an Expert

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On June 30, 2013, Cey, Inc. exchanged 4,000 shares of Selly Corp. $30 par value common stock for a patent owned by Gore Co. The Selly stock was acquired in 201 at a cost of $110,000. At the exchange date, Selly common stock had a fair value of $46 per share, and the patent had a net carrying value of $220,000 on Gore's books. Cey should record the patent at:

A) $120,000

B) $110,000

C) $220,000

D) $184,000

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M964436

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