1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Temka [501]
3 years ago
14

Cullumber purchased a patent from Vania Co. for $1,230,000 on January 1, 2018. The patent is being amortized over its remaining

legal life of 10 years, expiring on January 1, 2028. During 2020, Cullumber determined that the economic benefits of the patent would not last longer than 6 years from the date of acquisition. What amount should be reported in the balance sheet for the patent, net of accumulated amortization, at December 31, 2020
Business
1 answer:
victus00 [196]3 years ago
4 0

Answer: $738,000

Explanation:

The amount they should be reported in the balance sheet for the patent, net of accumulated amortization, at December 31, 2020 goes thus:

The amortization for 2018 and 2019 will be:

= $1,230,000 × 2/10

= $246,000

Then, the carrying value of patent in the beginning of 2020 will be:

= $1,230,000 - $246,000

= $984,000

It should be noted that the remaining life will be:

= 6 years - 2 years

= 4 years

2020 Amortization will then be:

= $984000/4 =

$246000

Accumulated Amortization will be:

= $246,000 + $246,000

= $492,000

Therefore, the amount reported in patents will be as at December 31, 2020 will be:

= $1,230,000 - $492,000

= $738,000

You might be interested in
Raul overheard one of his co-workers in a phone conversation say, Thank you for taking my call so quickly. I'd like to order num
Dominik [7]

Answer:

Purchase Decision

Explanation:

6 0
3 years ago
Carby Hardware has an outstanding issue of perpetual preferred stock with an annual dividend of $5.10 per share. If the required
DerKrebs [107]

Answer:

PV = $78.46153 rounded off to $78.46

Explanation:

A perpetuity is an unlimited series of cash flows that are of constant amount and occur after equal intervals of time. As they are unlimited in number, we say that they are perpetual. A perpetual preferred stock can also be said to be in form of a perpetuity as it pays a constant dividend after equal intervals of time. To calculate the price of the preferred stock, we use the present value of perpetuity formula which is,

PV = Cash flow / r

Where,

  • r is the required rate of return

PV = 5.1 / 0.065

PV = $78.46153 rounded off to $78.46

4 0
3 years ago
There are simultaneous changes in the demand for and supply of tablet​ devices, with the consequences being an unambiguous decre
lord [1]

Answer: c. Demand decreases and supply decreases.

Explanation:

When demand for tablets decrease, the demand curve shifts to the right. The price and quantity declines. At the same time, when supply also falls, the supply curve shifts to the left leading to an increase in price and a fall in quantity.

Since, decrease in demand and supply have opposite effect on the price there is no change in the price of tablets.

Both the forces work towards reducing quantity to quantity will fall unambiguously.

Thus, the correct option is c, Demand decreases and supply decreases.

3 0
3 years ago
Which of the following is one of the tasks a network risk analyst might complete?
Alona [7]

Answer:

\boxed{\bold{Recommend \ stronger \ security \ to \ a \ firm}}

Explanation:

  • <u>Recommend stronger security to a firm</u>

A network risk analyst does not write code. They do not design new websites, apps, develop code or write script. Their job is to evaluate and calculate potential risks a website or network might have. Once they have their data and information, they send that information in to their headquarters. The analyst might recommend stronger security to a firm if his data shows potential risks or hazards. A network risk analyst does not work with developing websites, codes or tech. They simply record and state potential harm or hazards toward a website(s).

- Mordancy

8 0
3 years ago
If you often commute through urban areas, you may want to _____.
s2008m [1.1K]

Answer:

D. Plan your trips to avoid rush hour traffic

5 0
3 years ago
Read 2 more answers
Other questions:
  • what would happen if you could become invisible whenever you wanted to? what are some things you would do?
    14·1 answer
  • What are the characteristics of a mixed economy?
    8·1 answer
  • Rent controls can cause a. ​a decline in the quality of housing available for rent. b. ​the development of a black market to all
    14·1 answer
  • Schrute Farm Sales buys portable generators for and sells them for He pays a sales commission of​ 5% of sales revenue to his sal
    11·1 answer
  • A company reported net income of $290,000. Beginning balances in Accounts Receivable and Accounts Payable were $18,000 and $21,0
    12·1 answer
  • Armstrong Valley Bicycles uses a standard part in the manufacture of several of its bikes. The cost of producing 40,000 parts is
    9·1 answer
  • On April 1, Garcia Publishing Company received $32,580 from Otisco, Inc. for 36-month subscriptions to several different magazin
    7·1 answer
  • Nobel laureate Paul Samuelson said that comparative advantage is one of the few ideas in economics that is both "true and not ob
    8·1 answer
  • Evaluation of the amount of costs incurred should be based on the actual volume of activity rather than the planned volume of ac
    5·1 answer
  • What is the result of subtracting the project costs from the benefits and then dividing by the costs
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!