A corporation acquired a copyright by issuing 1,000 shares of $5 par common stock. At the time of the exchange, the stock was selling for $40 per share. The copyright had a carrying value of $18,000 to the author. The purchasing corporation should assign to the copyright a value of

the  purchasing corporation should assign to the copyright a value of $40,000

Explanation:

The computation of the copyright value is given below:

= Number of shares acquired for purchasing a copyright × selling stock per share

= 1,000 shares × $40

= $40,000

hence, the  purchasing corporation should assign to the copyright a value of $40,000

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