On June 30, 2011, Cole Inc. exchanged 3,000 shares of Stone Corp. $30 par value common stock for a patent owned by Gore Co. The Stone stock was acquired in 2009 at a cost of $80,000. At the exchange date, Stone common stock had a fair value of $45 per share, and the patent had a net carrying value of $160,000 on Gore's books. Cole should record the patent at:



$80,000


$90,000


$135,000


$160,000

Gore will record an investment of $135,000 which will be adjusted to market value at balance date

Cole will record the acquisition at $135,000 the difference between acquisition cost and the price is a profit

You need to learn to ignore extraneous information