Homework Answers
Cole should record the patent at $135000. The intangible asset is recorded at the initial cost, or the price at which it was purchased. Net carrying value in the books of seller is irrelevant. At the time of purchase of intangible asset, the fair value of stone stock exchanged was $45. So, patent cost is , 3000 shares × $45 per share = $135000.
Therefore, the correct answer is option 3rd, $135000.
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On June 30, 2011, Cole Inc., exchanged 3,000 shares of Stone Corp. $30 par value common...
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