At what amount should alonzo record patent bb

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Reference no: EM13133643

Alonzo Co. acquires three patents from Shaq Corp. for a total of $300,000. The patents were carried on Shaq's books as follows: Patent AA: $5,000; Patent BB: $2,000; and Patent CC: $3,000. When Alonzo acquired the patents, their fair market values were: Patent AA: $20,000; Patent BB: $240,000; and Patent CC: $60,000. At what amount should Alonzo record Patent BB?

Reference no: EM13133643

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