On April 30, 2020, Miranda Industries exchanged 10,000 shares of Carrillo Enterprises $25 par value...
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Accounting
On April 30, 2020, Miranda Industries exchanged 10,000 shares of Carrillo Enterprises $25 par value common stock for a patent owned by Mejia United. The Carrillo stock was acquired in 2020 at a cost of $230,000. At the exchange date, Carrillo common stock had a fair value of $43 per share, and the patent had a net carrying value of $490,000 on Mejias books. Miranda should record the patent at\ Select answer from the options below\ $490,000.\ $230,000.\ $430,000.\ $250,000.
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