On May 5, 2007, Flynn Corp

question 28

Multiple Choice

On May 5, 2007, Flynn Corp.exchanged 2,000 shares of its $25 par value treasury common stock for a patent owned by Denson Co.The treasury shares were acquired in 2006 for $45,000.At May 5, 2007, Flynn's common stock was quoted at $32 per share, and the patent had a carrying value of $55,000 on Denson's books.Flynn should record the patent at

• A)$45,000.
• B)$50,000.
• C)$55,000.
• D)$64,000.

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Definitions:

Nursing Societies

Professional organizations that represent the interests of nurses, provide continuing education, and promote best practices and research in nursing.

Theory Guide

A conceptual framework or set of guidelines derived from a theory that directs research, practice, or understanding in a specific field.

Conceptualized

Formed into a concept or idea, often involving abstract thinking to create a clear and detailed understanding of something.

Theoretical Influences

Theoretical influences are the impact that established theories have on shaping current research, practices, or beliefs within a particular field.