Cost of Copyright | 24000 |
Divide by Useful life | 7 |
X Period used in 2017 | 1/12 |
Amortization expense for 2017 | 286 |
Option D $286 is correct |
On December 1, 2017.Gorden Company purchased the copyright to Thunder Computer for $24,000. It is estimated...
1.On May 1, 2017, Irwin Company purchased the copyright to Quick Computer Tutorials for $120000. It is estimated that the copyright will have a useful life of 5 years. The amount of amortization expense recognized for the year 2017 would be $24000. $12000. $16000. $12800. 2. Whyte Clinic purchases land for $420000 cash. The clinic assumes $4500 in property taxes due on the land. The title and attorney fees totaled $3000. The clinic had the land graded for $6600. What...
Question 79 On May 1, 2017, Crane Company purchased the copyright to Pronghorn Corp. for $90000. It is estimated that the copyright will have a useful life of 4 years. The amount of amortization expense recognized for the year 2017 would be $12000. $11250. $15000. $22500.
These are selected 2017 transactions for Martinez Corporation: Jan. 1 Purchased a copyright for $162,500. The copyright has a useful life of 5 years and a remaining legal life of 33 years. Mar. 1 Purchased a patent with an estimated useful life of 6 years and a legal life of 21 years for $96,840. Sept. 1 Purchased a small company and recorded goodwill of $150,950. Its useful life is indefinite. Indicate the amount of amortization expense on December 31, 2017,...
On May 1, 2022, Sheridan Company purchased the copyright to Concord Corporation for $104400. It is estimated that the copyright will have a useful le of 4 years. The amount of amortization expense recognized for the year 2022 would be $26100. $17400 $13050 $13920
on July 1, 2017, Crane Company purchased the copyright to Blue Spruce Corp. for $320000. It is estimated that the copyright will have a useful life of 4 years Safar Fle Ed View Hastory Bockmarks Window Help Thu 930 PM was apiailey.com Madls -G WAS Ases A shipant nb 440-h Gogle Clend PaperCut NO 209 Fal L Wech Rick an- tucated A Augistine Con Send to Gradebook <Prev Next X O01:14:14 Hide Timer Question 6 0/2 View Policles Show Attempt...
On July 1, 2022, Carla Vista Co. purchased the copyright to Martinez Corp. for $360000. It is estimated that the copyright will have a useful life of 5 years. The amount of amortization expense recognized for the year 2022 would be $36000. $66600. $34687. $72000.
24. On October 1, 2018, Adidas Corporation purchased copyright to Adidas Jr Company for $234,000. It is estimated that the copyright will have a useful life of 5 years with an estimated salvage value of $24,000. The amount of Amortization Expense recognized for the year 2018would be 2. Using the following information: 12/31/15 Accounts receivable $525,000 Allowance (40,000) Cash realizable value $485,000 During 2016, sales on account were $145,000 and collection on account were $100,000, Also during 2016, the company...
A company purchased a computer system at a cost of $24,000. The estimated useful life is 5 years, and the estimated residual value is $1,000. Assuming the company uses the double-declining-balance method, what is the depreciation expense for the second year? (Do not round your intermediate calculations. Round your answer to the nearest whole dollar amount.) Multiple Choice Ο $7,260. Ο $8,010. Ο $9,600. Ο $5,760.
These are selected 2022 transactions for Blue Corporation: Jan. 1 Purchased a copyright for $84,000. The copyright has a useful life of 6 years and a remaining legal life of 30 years. Mar. 1 Purchased a patent with an estimated useful life of 4 years and a legal life of 20 years for $27,000. Sept. 1 Purchased a small company and recorded goodwill of $114.000. Its useful life is indefinite. Prepare all adjusting entries at December 31 to record amortization...
Vargas Company purchased a computer for $3,800 on January 1, 2016. The computer is estimated to have a 5-year useful life and a $900 salvage value. What adjusting entry would Vargas record on December 31, 2016 to recognize expense related to use of the computer?