Answer:
General Journal entry:
Account Debit Credit
Amortization expense $6,750
Accumulated Amortization $6,750
(patent)
Explanation:
Given Data:
Price of patent=$38,500
Legal fees=$2,000
legal Life=13 years
useful life=6 years
Required:
Journal Entry
Solution:
Amortization:
For intangible assets, amortization is the decrease in book value over the period of time. However intangible assets have no physical appearance and they do not face any damage like fixed assets but with the passage of time their value decrease.
Calculating amortization expense for one year:
Amortization expense=

General Journal entry:
Account Debit Credit
Amortization expense $6,750
Accumulated Amortization $6,750
(patent)
Answer:
Market Testing Stage
Explanation:
This was a new venture for Nicole. She wanted to try something new for the first time as compared to the normal business routine she had. So, she took the advice of her friend and combined spices after which, she distributed a first batch to grocery stores in Portland Seattle. She did this to test her product, to see how well customers would take this innovation. The feedback gained from the grocery stores she supplied to will be a determinant if she should continue mass production or not. That point is what we call Market testing stage.
Answer:
Reserves
Explanation:
Risk is any uncertain event with positive or negative consequences on a project. Contingency costs are related to risks, and therefore cannot be disregarded in risk management within a project. It is essential that management plan and prevent for the project to occur in a predictable and effective manner.
There are several problems that make public goods necessary, but the primary one is that without access to certain public goods and services like parks and schools, poor people would have practically no chance at advancement.