Question: Storoshenko Corp. (SC) is a private corporation that elects to report its financial results in accordance with ASPE. SC issued 2,000 no par value common

Storoshenko Corp. (SC) is a private corporation that elects to report its financial results in accordance with ASPE. SC issued 2,000 no par value common shares to a scientist in exchange for a patented process that she had developed. The patent is estimated to be worth $50,000. A chartered business valuator recently valued SC and estimated that the common shares were worth $24 each.

Required:
a. Assume that the fair value of the patent can be more reliably measured than that of the common shares. Prepare the journal entry to record the acquisition of the patent.
b. Assume that the fair value of the common shares can be more reliably measured than that of the patent. Prepare the journal entry to record the acquisition of the patent.

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