Question 79 On May 1, 2017, Crane Company purchased the copyright to Pronghorn Corp. for $90000....
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. |
Homework Answers
Amortization expense for 2017
= 90000 / 4 years * 8/12.
= 15,000
Option C is the answer
COMMENT IF YOU FACE ANY ISSUES
Add Answer to:
Question 79
On May 1, 2017, Crane Company purchased the copyright to
Pronghorn Corp. for $90000....
on July 1, 2017, Crane Company purchased the copyright to Blue Spruce Corp. for $320000. It...
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...
1.On May 1, 2017, Irwin Company purchased the copyright to Quick Computer Tutorials for $120000. It...
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...
On December 1, 2017.Gorden Company purchased the copyright to Thunder Computer for $24,000. It is estimated...
On December 1, 2017.Gorden Company purchased the copyright to Thunder Computer for $24,000. It is estimated that the copyright will have a useful life of 7 years. The amount of amortization expense recognized for the year 2017 would be $24.000 53.429 O $3,143 5216
On July 1, 2022, Carla Vista Co. purchased the copyright to Martinez Corp. for $360000. It...
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.
On May 1, 2022, Sheridan Company purchased the copyright to Concord Corporation for $104400. It is...
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
These are selected 2017 transactions for Martinez Corporation: Jan. 1 Purchased a copyright for $162,500. The...
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, Carla Vista Co purchased the Copyright to Martinez Corp. for $132000. It...
On May 1, 2022, Carla Vista Co purchased the Copyright to Martinez Corp. for $132000. It s recognized for the year 2022 would be t ated that the copyright will have a us e of 5 years. The amount of amortization expense $17500 26400 $13200 1480
Brief Exercise 12-1 Pronghorn Corporation purchases a patent from Crane Company on January 1, 2017, for...
Brief Exercise 12-1 Pronghorn Corporation purchases a patent from Crane Company on January 1, 2017, for $50,000. The patent has a remaining legal life of 15 years. Pronghorn feels the patent will be useful for 10 years. Prepare Pronghorn's journal entries to record the purchase of the patent and 2017 amortization. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter 0...
Crane Company purchased a machine on July 1, 2017, for $900000. The machine has an estimated...
Crane Company purchased a machine on July 1, 2017, for $900000.
The machine has an estimated useful life of five years and a
salvage value of $190000. The machine is being depreciated from the
date of acquisition by the 150% declining-balance method. For the
year ended December 31, 2017, Crane should record depreciation
expense on this machine of
$270000.
$180000.
$135000.
$106500.
24. On October 1, 2018, Adidas Corporation purchased copyright to Adidas Jr Company for $234,000. It...
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...
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...
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...
On December 1, 2017.Gorden Company purchased the copyright to Thunder Computer for $24,000. It is estimated that the copyright will have a useful life of 7 years. The amount of amortization expense recognized for the year 2017 would be $24.000 53.429 O $3,143 5216
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
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, Carla Vista Co purchased the Copyright to Martinez Corp. for $132000. It s recognized for the year 2022 would be t ated that the copyright will have a us e of 5 years. The amount of amortization expense $17500 26400 $13200 1480
Brief Exercise 12-1 Pronghorn Corporation purchases a patent from Crane Company on January 1, 2017, for $50,000. The patent has a remaining legal life of 15 years. Pronghorn feels the patent will be useful for 10 years. Prepare Pronghorn's journal entries to record the purchase of the patent and 2017 amortization. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter 0...
Crane Company purchased a machine on July 1, 2017, for $900000.
The machine has an estimated useful life of five years and a
salvage value of $190000. The machine is being depreciated from the
date of acquisition by the 150% declining-balance method. For the
year ended December 31, 2017, Crane should record depreciation
expense on this machine of
$270000.
$180000.
$135000.
$106500.
Most questions answered within 3 hours.
-
You capture data by having 8 people fill in 30 small dots on a
piece of...
asked 3 hours ago -
What are the z-values such that 70% of the area lies in the
middle of the...
asked 5 hours ago -
You borrow $29,500 to purchase a brand new car. The interest
rate is 6%, and the...
asked 4 hours ago -
The amount of time it takes an asteroid, whose average distance
from the Sun is 4.70...
asked 5 hours ago -
A 0.289 kg mass slides on a frictionless floor with a speed of
1.34 m/s. The...
asked 5 hours ago -
15.A box contains five red balls, three green balls, and two
yellow balls. Suppose you select...
asked 7 hours ago -
Assume you are given the following for Stackelberg industries:
Return on Assets (ROA) = 8%
Debt...
asked 6 hours ago -
an engineer proposes to use mmWave in 5G network to
increase data rate.
What are the...
asked 6 hours ago -
Explain the idea behind using SEMIJOIN in distributed
query processing.
asked 6 hours ago -
why
is context important in selecting and applying guidelines and
principles for interface design?
illustrate your...
asked 6 hours ago -
In a certain board game, a player rolls two fair six-sided dice
until the player rolls...
asked 7 hours ago -
You are going to deposit $3,200 in an account that pays .58
percent interest compounded quarterly....
asked 6 hours ago