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AleksandrR [38]
3 years ago
13

Granite Enterprises acquired a patent from Southern Research Corporation on January 1, 2021, for $3.4 million. The patent will b

e used for five years, even though its legal life is 20 years. Rocky Corporation has made a commitment to purchase the patent from Granite for $110,000 at the end of five years. Compute Granite's patent amortization for 2021, assuming the straight-line method is used
Business
1 answer:
luda_lava [24]3 years ago
8 0

Answer:

$658,000

Explanation:

According to the scenario, computation of the given data are as follows:

Granite Enterprises Patent acquired = $3.4 million

Used years = 5 years

Rocky corporation purchase after 5 years = $110,000

So, we can calculate the Granite's patent amortisation by using following formula:

Granite's patent amortisation = ($3,400,000 - $110,000) ÷ 5

= $3,290,000 ÷ 5

= $658,000

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Answer:

b) are processes that are specialized for relatively few products or customer groups.

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As the name suggests these are focused specifically for some products and not for all of the products manufactured by a company. These processes promote the product specification details, by advancing the processes of manufacturing more specific.

These are majorly used for customer specified products, generally identical products. In which no two products are similar in nature. And accordingly, these help in maximum customer satisfaction.

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Are there any special fees or interest rates, or both for Chash Advances and Balance Transfers?Explain.​
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The c orrect answer is A.

Explanation:

Giving the following information:

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What are the best websites to upload your music for people to buy???
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3 years ago
Journalize the necessary entries (a.) that increase cash and (b.) that decrease cash. The accounts have not been closed. For a c
alexandr402 [8]

There is some information missing and I looked up it. If the numbers are not exactly the same, you adjust them to your question.

  • The cash account for Pala Medical Co. at June 30, 20Y1, indicated a balance of $166,436.
  • The bank collected $26,500 on a $25,000 note, including interest of $1,500.
  • A check for $4,000 returned with the statement had been incorrectly recorded by Pala Medical Co. as $400. The check was for the payment of an obligation to Skyline Supply Co. for a purchase on account.
  • Bank service charges for June amounted to $55.

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June 30, 20Y1

Dr Cash 26,500

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    Cr Interest revenue 1,500

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If a balance sheet were prepared for Pala Medical Co. on June 30, 20Y1, what amount should be reported as cash?

$166,436 + $26,500 + $3,600 - $55 = $196,481

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