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Banana Corporation had the following transactions relating to a patent:
January 1, 2010: Purchased patent for $2,000,000. The patent had fifteen years remainnig although Banana expected to use it for only ten.January 1, 2012: Successfully defended patent in a lawsuit. Spent $250,000 on attorney fees.January 1, 2013: Banana determined that the patent would become useless at the end of 2018.
Evaluate the balance in the patent account as of December 31, 2013. Show your calculations.
value of which items are required to be put in a simple format of manufacturing a/c.
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