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Crane Co. acquires 3 patents from Shaq Corp. for a total of $270000. The patents...

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Accounting

image Crane Co. acquires 3 patents from Shaq Corp. for a total of $270000. The patents were carried on Shaq's books as follows: Patent 1: $5500; Patent 2: $2000; and Patent 3: $3200. When Crane acquired the patents their fair values were: Patent 1: $17600; Patent 2: \$211200; and Patent 3: \$52800. At what amount should Crane record Patent 1? $5500$16875$270000$182900

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