Mini Corp. acquires a patent from Maxi Co. in exchange for 2,500 shares of Mini Corp.'s €5 par value ordinary shares and €85,000 cash. When the patent was initially issued to Maxi Co., Mini Corp.'s shares were selling at €7.50 per share. When Mini Corp. acquired the patent, its shares were selling for €9 a share. Mini Corp. should record the patent at what amount?

Mini Corp. acquires a patent from Maxi Co. in exchange for 2,500 shares of Mini Corp.'s €5 par value ordinary shares and €85,000 cash. When the patent was initially issued to Maxi Co., Mini Corp.'s shares were selling at €7.50 per share. When Mini Corp. acquired the patent, its shares were selling for €9 a share. Mini Corp. should record the patent at what amount?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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