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At what amount should sunland record patent bb

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Q1. Sunland Co. acquires 3 patents from Shaq Corp. for a total of $390000. The patents were carried on Shaq's books as follows: Patent AA: $5400; Patent BB: $1550; and Patent CC: $2700. When Sunland acquired the patents their fair values were: Patent AA: $20000; Patent BB: $210000; and Patent CC: $50000. At what amount should Sunland record Patent BB?

$292500

$260000

$1550

$130000

Q2. On January 1, 2014, Blossom Company purchased a copyright for $2468000, having an estimated useful life of 16 years. In January 2018, Blossom paid $351000 for legal fees in a successful defense of the copyright. Copyright amortization expense for the year ended December 31, 2018, should be

$154250.

$183500.

$0.

$176188.

Reference no: EM132190758

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