Draw a picture illustrating the following fact pattern: Company A is exchanging its patent for a...

Draw a picture illustrating the following fact pattern: Company A is exchanging its patent for a building in Michigan, plus $750,000 cash, from Company B. Company B has taken out a loan for $750,000 from Sub Bank in anticipation of the exchange. Sub Bank is a wholly owned subsidiary of Parent Bank.

Expert Solution

In this case, Company A received a building in Michigan and $750,000 cash in exchange of its patent rights to company B. Thus this transaction will result in increase of Fixed Assets and Current Assets for Company A as they have got a building and cash for exchange of their patent, at the same time Company B has bought patent which are termed as intangible asset.

Moreover to complete this transaction of exchanging patent for consideration of building and cash payment of $750,000. Company B has taken loan of the entire cash payment to company A i.e. $750,000 from Sub Bank which is the wholly-owned subsidiary of Parent Bank, Therefore Liabilities in terms of Loans and advances has increased by $750,000 and the same loan amount is used in exchange of patent. A picture is attached to illustrate the following transaction between Company A, Company B and Sub Bank which is wholly-owned subsidiary of Parent Bank.

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