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Lexicon Inc. bought a patent for $600,000 on January 2, 2007, at which time the patent had an estimated useful life of ten years. On February 2, 2011, it was determined that the patent's useful life would expire at the end of 2013. How much would Lexicon record as amortization expense for this patent for the year ending December 31, 2011?
a. $140,000
b. $120,000
c. $105,000
d. $60,000
Karl pearson coefficient of skewness of distribution is +0.32.its standard deviation is 6.5 and mean is 29.6. Find the mode and median of the distribution.
Which of the following is an example of a variable cost?
Prepare journal entries to record the following retirement. (Show computations and round to the nearest dollar). The December 31, 2010 balance sheet of Wolfe Co. included the following items:
During the last year, Bush Company had net income under absorption costing which was $5,500 lower than its income under the variable costing.
Identify two financial intermediaries. What are their respective functions? What are their major roles in the economy? What are the money markets and what are the capital markets? How do they differ? What are their respective activities?
Kordel Inc. acquired 75% of the outstanding common stock of Raxston Corp. Raxston currently owes Kordel $500,000 for inventory acquired over the past few months.
Compare and contrast start-up costs and organizational expenditures. Describe how the tax treatment of these expenditures differs from the treatment for financial accounting purposes.
Yuli Copters is known to be aggressive in ignoring intellectual property claims. Imagine they just go ahead with the project as stated above. (In other words, they decide not to pay for the license.)
During 2012, Sand, Inc. expected Job No. 51 to cost $300,000 of overhead, $500,000 of materials, and $200,000 in labor. Sand applied overhead based on direct labor cost. Actual production required an overhead cost of $280,000, $550,000 in material..
Lark Corporation is a calendar year taxpayer. At the beginning of the current year, Lark has accumulated E & P of $330,000. The corporation incurs a deficit in current E & P of $460,000 that accrues ratably throughout the year. On June 30, Lark di..
China Corp. has a current capital structure of $18 million in secured bonds paying 6.5% annual interest, $8 million in preferred stock with a par value of $50 per share and an annual dividend of $3.80 per share
The cost of the measure is to be paid by a special tax. Although most of the townspeople believe the sea aquarium is a good idea, there is disagreement about how the tax should be levied.
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