b) A patent right is acquired by Alpha Ltd from Bravo Ltd in exchange of...
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Accounting
b) A patent right is acquired by Alpha Ltd from Bravo Ltd in exchange of mineral right. The mineral right is carried at $5000 in the book of Alpha Ltd. How should this transaction be measured and accounted for by Alpha Ltd and Bravo Ltd.? In Alpha Ltd. books the patent is carried at $100 which is not the fair market value. Justify your answer without any journal entry and state the related IAS
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