Mini Corp. acquires a patent from Maxi Co. in exchange for 2,500 shares of Mini Corp.'s $5 par value common stock and $90,000 cash. When the patent...

5. Mini Corp. acquires a patent from Maxi Co. in exchange for 2,500 shares of Mini Corp.'s $5 par value common stock and $90,000 cash. When the patent was initially issued to Maxi Co., Mini Corp.'s stock was selling at $7.50 per share. When Mini Corp. acquired the patent, its stock was selling for $9 a share. Mini Corp. should record the patent at what amount?A) $108,750B) $90,000C) $112,500D) $102,500

AnswerMini Corp. should record the patent at2500 shares @5 =$12,500 (+) Cash =$90,000= $102,500 Answer D) $102,500