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Unformatted text preview: capitalized. Coding comes under this definition. Chapter 12. Page 608. Additional commentary on pages 614-617. Points Received: 0 of 4 3. Question: (TCO C) Alonzo Co. acquires three patents from Shaq Corp. for a total of $360,000. 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? Your Answer: $120,000 $240,000 $2,000 $270,000 CORRECT ANSWER Instructor Explanation: $360,000 X ($240,000 / $320,000) = $270,000. Chapter 12 Points Received: 0 of 4 4. Question:...
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