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Questions -
Q1. Crane Corporation acquired a patent on May 1, 2017. Crane paid cash of $46000 to the seller. Legal fees of $2700 were paid related to the acquisition. What amount should be debited to the patent account?
$2700
$48700
$43300
Q2. Sandhill Co. bought a patent from Baden Corp. on January 1, 2018, for $888000. An independent consultant retained by Sandhill estimated that the remaining useful life at January 1, 2018 is 15 years. Its unamortized cost on Baden's accounting records was $430000; the patent had been amortized for 5 years by Baden. How much should be amortized for the year ended December 31, 2018 by Sandhill Co.?
$0.
$88800.
$59200.
$43000.
$46000.
The Income Statement section of the worksheet of Smith Company for the year ended December 31, has $169,000 recorded in the Debit column and $193,434 in the Credit column on the line for the Income Summary account. What were the beginning and endi..
Explain some disadvantages of Cliff's current investment approach. Construct a portfolio for Cliff, limiting your selections to mutual funds (assume that he sells his current stock and bond holdings). Make sure your plan indicates specific dollar a..
the inventory at may 1 and the costs charged to work in process--department b during may for stella company are as
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Rayburn Industries is evaluating the investment of $144,900 in a new packing machine that should provide annual cash operating inflows of $31,060 for 6 years. At the end of 6 years, the packing machine will be sold for $4,850. Rayburn’s required rate..
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Is Morgan a personal holding company under the Internal Revenue Code? Explain why or why not.
Make the entry to record construction costs of $3,600,000, on construction in process to date. Make the entry to record progress billings of $2,000,000
Determine the initial values of the land
the capital project fund had just been created to account for resources received and expended for the construction of a
On July 1, 2014, Torvill Construction Company Inc. contracted to build an office building for Gumbel Corp. for a total contract price of $1,900,000.
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