On July 1, 2016, Tilt Co. exchanged a truck for twenty shares of King Corp.'s common stock. On that date, the truck's carrying amount was $2,000, and its fair value was $2,500. Also, the book value of King's stock was $50 per share. On December 31, 2016, King had 200 shares of common stock outstanding and its book value per share was $40. What amount should Tilt report in its December 31, 2016 balance sheet as investment in King?

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The initial recognition value of shares would be 2500 As ... View the full answer