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Track Town Co. had the following transactions involving intangible assets:
Jan. 1 Purchased a patent for leather soles for $10,000 and estimated its useful life to be 10 years.
Apr. 1 Purchased a copyright for a design for $15,000 with a life left on the copyright of 25 years. The estimated remaining (economic) life of the copyright is five years.
July 1 Purchased a trademark at a cost of $50,000. The estimated economic life of the trademark is 25 years. However, conservatism suggests it should be written off in five years.
REQUIRED
1. Using the straight-line method, calculate the amortization of the patent, copyright, and trademark.
2. Prepare general journal entries to record the end-of-year amortizations.
Prepare a Quality Cost Report for Wallace Communications Ltd and discuss these two views of "quality as cost" and "quality as value".
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When an indirect ownership is present, why is a specific ordering necessary for determining the incomes of the component corporations?
What is the hotel's average daily rate, if the property's percentage of rooms revenueto total revenue is 62.9% and occupancy percentage is 67.8%?
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