What is the amount of amortization expense

Assignment Help Accounting Basics
Reference no: EM13138281

Day Company purchased a patent on January 1, 2010 for $360,000. The patent had a remaining useful life of 10 year at that date. In January of 2011, Day successfully defends the patent at a cost of $162,000, extending the patent's life to 12/31/22. What is the amount of amortization expense would Day record in 2011?

Reference no: EM13138281

Questions Cloud

Capital improvements : Explain the difference between capital improvements compared to Repairs and Maintenance, giving consideration to a taxpayer who owns a rental property.
What circumstances lead to the recording of a deferred tax : what circumstances lead to the recording of a deferred tax asset.
Internal rate of return and payback period : Annual cash savings from the purchase of the machine will be $20,000. Compute the internal rate of return and payback period.
What is the average thickness of the sheet : If a 1.22 g piece of gold is hammered into a sheet whose area is 32.4 ft2, what is the average thickness of the sheet? (The density of gold is 19.32 g cm-3.)
What is the amount of amortization expense : Day Company purchased a patent on January 1, 2010 for $360,000. The patent had a remaining useful life of 10 year at that date. In January of 2011, Day successfully defends the patent at a cost of $162,000, extending the patent's life to 12/31/22...
Aanalyze how your norganization uses self-directed teams : A analyze how yournorganization uses self-directed teams. What are the benefits or limitations that these teams bring to the organization? If your organization does not use self-directed teams, discuss what benefit(s) it could gain by doing so.
Links between the recent global war on terror : Discusses the links between the recent global war on terror and the issues of human rights and distributive justice in the international system. How will the emphasis on national/homeland and global security steal away the emphasis on human rights
Examine costa & mccrae s five-factor model of personality. : Examine Costa & McCrae s Five-Factor Model of Personality.
Calculate the maximum mass in grams of h2s : Calculate the maximum mass in grams of H2S that can form when 155 g aluminum sulfide reacts with excess water according to: Al2S3 + H2O => Al(OH)3 + H2S [unbalanced]

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd