Determine common stock value

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Reference no: EM134951

On 30^th June, 2001, Cole Inc., exchanged 3,000 shares of Stone Corp. $30 par value common stock for a patent owned by Gore Co. The Stone stock was acquired in 1999 at a cost of $80,000. At the exchange date, Stone general stock had a fair value of $45 per share, and the patent had a net carrying value of $160,000 on Gore's books. Cole should record the patent at:

$80,000

$90,000

$135,000

$160,000

Reference no: EM134951

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