Question: prepare the journal entry assuming par value $ 1 per share BE 10-8 Acquisition cost; issuance of equity securities LO10-4 Shackelford Corporation acquireda patent from

prepare the journal entry assuming par value $ 1 per share

BE 10-8 Acquisition cost; issuance of equity securities LO10-4 Shackelford Corporation acquireda 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

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