Solved: When purvis acquired the patent its stock was selling for, Accounting Basics

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When purvis acquired the patent its stock was selling for

Question - Purvis Enterprises acquired a patent from Whitt Metalworks in exchange for 5,000 shares of Purvis' $10 par value common stock and $86,000 cash. When the patent was initially issued to Whitt, Purvis' stock was selling at $11 per share. When Purvis acquired the patent, its stock was selling for $13 per share. Purvis should record the patent at what amount?

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Accounting Basics: When purvis acquired the patent its stock was selling for

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Accounting Basics: When purvis acquired the patent its stock was selling for

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