Balance sheet for the patent

Reference no: EM13158565

Palmiero purchased a patent from Vania Co. for $1,500,000 on January 1, 2008. The patent is being amortized over its remaining legal life of 10 years, expiring on January 1, 2018. During 2010, Palmiero determined that the economic benefits of the patent would not last longer than 6 years from the date of acquisition. What amount should be reported in the balance sheet for the patent, net of accumulated amortization, at December 31, 2010?

Reference no: EM13158565

Questions Cloud

Write the rate law for the reaction : What is the value of the rate constant (k) for this reaction at this temperature? b) Write the rate law for the reaction c) If the initial concentration of AB is .250M

Amount of organization expense : On January 1, 2010, Palmiero incurred organization costs of $275,000. What amount of organization expense should be reported in 2010?

System for organizing new government in country : In a one-to-two page (double-spaced) paper, propose a system for organizing a new government in a country with several religious factions. In your paper be sure to address the following questions.

Emissions testing on cars-research proposal paper : What is emissions testing in cars and does emissions testing on cars actually improve air quality all over the world? These questions are something that should be considered before society decides to perform emissions testing in cars.

Balance sheet for the patent : During 2010, Palmiero determined that the economic benefits of the patent would not last longer than 6 years from the date of acquisition. What amount should be reported in the balance sheet for the patent, net of accumulated amortization, at Dece..

Compute the empirical and molecular formulas of a compound : Calculate the empirical and molecular formulas of a compound, C?H?Cr?, given the following: 1) The compund contains 73.94% C and 8.22% H. The rest is Cr. 2) At 25 degrees celius, the osmotic pressure of a solution containing 5.00 mg of the unknown..

Champions of the strategic planning process : Who are the champions of the strategic planning process and why is their role critical? What types of resources does the strategic planning process require?

Trucks depreciation using the double declining balance : Steiner recliner purchased a delivery truck at the beginning of 2008. The truck cost $17,500 and is expected to last 5 years. Assume the truck has a salvage value of $1,000. Calculate the trucks depreciation using the double declining balance.

Compute the internal energy change : Calculate the internal energy change (delta(U)) for vaporization of 100 g of CI2(l) at this temperature and 1 bar? (b) Calculate its molar entropy change (delta(S)) for vaporization at this condition.

User Account

All Pages