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On May 5, 2011, MacDougal Corp

question 37

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On May 5, 2011, MacDougal Corp.exchanged 2,000 shares of its $25 par value treasury ordinary shares for a patent owned by Masset Co.The treasury shares were acquired in 2010 for $45,000.At May 5, 2011, MacDougal's ordinary shares was quoted at $34 per share, and the patent had a carrying value of $55,000 on Masset's books.MacDougal should record the patent at

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Definitions:

Social Conditions

The societal factors and circumstances impacting individuals' way of life, including economics, culture, and community practices.

Gothic Period

A style of art and architecture that developed in Europe during the late Middle Ages, noted for its pointed arches, ribbed vaults, and flying buttresses.

Barbarian Migrations

Large-scale movements of peoples in the late Roman Empire period, contributing to its decline.

Scholasticism

The Gothic school of philosophy in which scholars applied Aristotle’s system of rational inquiry to the interpretation of religious belief.

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