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What amount should be debited to the patent account

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Reference no: EM132190419

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Q1. Crane Corporation acquired a patent on May 1, 2017. Crane paid cash of $46000 to the seller. Legal fees of $2700 were paid related to the acquisition. What amount should be debited to the patent account?

$2700

$48700

$43300

Q2. Sandhill Co. bought a patent from Baden Corp. on January 1, 2018, for $888000. An independent consultant retained by Sandhill estimated that the remaining useful life at January 1, 2018 is 15 years. Its unamortized cost on Baden's accounting records was $430000; the patent had been amortized for 5 years by Baden. How much should be amortized for the year ended December 31, 2018 by Sandhill Co.?

$0.

$88800.

$59200.

$43000.

$46000.

Reference no: EM132190419

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