Reference no: EM132190423

Questions -

Q1. On June 30, 2018, Oriole, Inc. exchanged 5100 shares of Seely Corp. $30 par value common stock for a patent owned by Gore Co. The Seely stock was acquired in 2018 at a cost of $156000. At the exchange date, Seely common stock had a fair value of $39 per share, and the patent had a net carrying value of $301000 on Gore's books. Oriole should record the patent at

$301000.

$198900.

$156000.

$153000.

Q2. The general ledger of Crane Corporation as of December 31, 2018, includes the following accounts:

Copyrights $ 61000

Deposits with advertising agency (will be used to promote goodwill) 38000

Discount on bonds payable 81000

Excess of cost over fair value of identifiable net assets of Acquired subsidiary 590000

Trademarks 66000

In the preparation of Crane's balance sheet as of December 31, 2018, what should be reported as total intangible assets?

$694000.

$656000.

$717000.

$755000.