Shackelford Corporation acquired a patent from its founder, Jim Shackelford, in exchange for 50,000 shares of the company 's nopar common stock On the date of the exchange, the common stock had a fair value of $22 per share Determine the cost of the patent ...

Shackelford Corporation acquired a patent from its founder, Jim Shackelford, in exchange for 50,000 shares of the

Question:

Shackelford acquired a patent from its founder, Jim Shackelford, in exchange for 50,000 shares of the company's nopar . On the date of the exchange, the had a fair value of $22 per share. Determine the cost of the patent.

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...