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Vedmedyk [2.9K]
3 years ago
8

These are selected 2017 transactions for Blue Corporation: Jan. 1 Purchased a copyright for $79,500. The copyright has a useful

life of 5 years and a remaining legal life of 31 years. Mar. 1 Purchased a patent with an estimated useful life of 5 years and a legal life of 21 years for $112,800. Sept. 1 Purchased a small company and recorded goodwill of $150,200. Its useful life is indefinite. Indicate the amount of amortization expense on December 31, 2017, for Blue Corporation. Amortization expense $
Business
1 answer:
Whitepunk [10]3 years ago
3 0

Answer:

Check the explanation

Explanation:

Patents and Copyrights are amortized based on their useful life, not their legal life

It should be noted that Goodwill is not amortized

1. Debit 'Amortization Expense - Copyrights' $15,900 [($79500/ 5)]

Credit 'Copyrights' $15,900

2. Debit 'Amortization Expense - Patents' 18,800 [($112,800 / 5 ) x (10 /12 )]

Credit 'Patents' $18,800

.3. No entry

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What was the opportunity cost for lebron james when he determined to directly enter the nba?
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LeBron James is one of the best basketball players in the country, was selected by the Cleveland Cavaliers as the first pick in the 2003 NBA draft, signing a three-year contract worth almost $13 million, with an option for a fourth year at $5.8 million. Had he decided to attend college instead, James would have incurred an opportunity cost of at least $19 million in forgone income to earn a four-year college degree.

Opportunity cost is the value you would gain or lose if you choose a different path or solution. The opportunity cost in this scenario is deciding to play in the NBA since college was too expensive. LeBron James ultimately saved time and money by taking the detour because he received a contract worth close to $13 million; otherwise, he would have had to pay more and spend more time attending a four-year college.

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If sammy scores nearly the same every time he takes a test, it can be concluded that the test is _____.
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3 years ago
Mike Karanikolas wants to enter the French market with his usual strategy of using influencers. Two influencers are considered t
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3 years ago
Henry Carr and Noreen Mason formed a partnership, dividing income as follows: annual salary allowance to Carr of $42,000; intere
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$239,060

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Net income                                                                              $442,000

Salary

allowance     $42,000                  $42,000                            $400,000

Interest

on capital     $4,410   $10,290      $14,700                            $385,300

left amount  $192,650 $192,650  $385,300                        $0

Net income  $239,060

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3 years ago
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