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    Record Patents for Alonzo Co.

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    Alonzo Co. acquires three patents from Shaq Corp. for a total of $360,000. The patents were carried on Shaq's books as follows: Patent AA: $5,000; Patent BB: $2,000; and Patent CC: $3,000. When Alonzo acquired the patents, their fair market values were: Patent AA: $20,000; Patent BB: $240,000; and Patent CC: $60,000. At what amount should Alonzo record Patent BB?

    Which of the following is the answer?

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    The patent would be recorded in proportion of the fair market ...

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    This solution helps with a question about record patents.