Solution-What amount should be debited to the patent account

What amount should be debited to the patent account

Reference no: EM132190429

Questions -

Q1. Cullumber Corporation acquired a patent on May 1, 2017. Cullumber paid cash of $91000 to the seller. Legal fees of $2400 were paid related to the acquisition. What amount should be debited to the patent account?

$88600

$2400

$91000

$93400

Q2. Cullumber Corporation purchased a limited-life intangible asset for $342000 on May 1, 2016. It has a useful life of 10 years. What total amount of amortization expense should have been recorded on the intangible asset by December 31, 2018?

$68400

$102600

$ 0

$91200

Reference no: EM132190429

Questions Cloud

Discuss about the counseling approaches : If looking at counseling approaches as an example, I often use a psychoeducational approach with some clients and have to be cognizant of the fact.

Was alcoa justified in changing management at facility : Was Alcoa justified in changing management at facility for failure to report work-place accidents, even though no serious harm resulted from workplace incident.

What is corporate governance : Suppose your company is very successful and you cash out most of your stock and turn the company over to an elected board of directors.

Describe the physical and cognitive issues involved in aging : Describe stereotypes about the elderly that are prevalent in society, and how those stereotypes affect your personal beliefs concerning the elderly.

What amount should be debited to the patent account : Legal fees of $2400 were paid related to the acquisition. What amount should be debited to the patent account

Create a cover letter that convinces the recruiter : Keeping in mind the above scenario, create a cover letter that convinces the recruiter about your competency for this job. Also include a resume.

Several projects contaminate activity duration : How does multitasking or assigning employees to participate in several projects contaminate activity duration?

Discuss what motivates you in general to be innovative : Discuss what motivates you in general to be innovative. Be creative, innovative, and entrepreneurial in your self-assessment.

Companies can use to gain competitive advantage : Examine and discuss competitive strategies that both manufacturers and service companies can use to gain competitive advantage.

User Account

All Pages

What amount should be debited to the patent account

Reference no: EM132190429

Reference no: EM132190429

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

Determine the corporation net income

Analyze ford motor company''s balance sheet

Maximum rate which it would be taxed

Why is the reporting of estimates and assumptions required

The lock horns are planning for a retirement home

California bank lent 200000 to sacramento company on a

Briefly explain the difference between the income statement

Prepare journal entries for each transaction

Prepare journal entries on the books of impala company to

Review problem on the joint cost

How could you positively affect your profit using sales mix

Segmenting buyers by personal characteristics

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT