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OlgaM077 [116]
3 years ago
5

In January 2021 Boxer Corporation purchased a patent at a cost of $219,000. Legal and filing fees of $59,000 were paid to acquir

e the patent. The company estimated a 10-year useful life for the patent and uses the straight-line amortization method for all intangible assets. In January 2024, Boxer spent $40,000 in legal fees for an unsuccessful defense of the patent and the patent is no longer usable. The amount charged to income (expense and loss) in 2024 related to the patent should be: Multiple Choice $234,600. $ 67,800. $219,000. $ 40,000.
Business
1 answer:
Ne4ueva [31]3 years ago
8 0

Answer:

$234,600

Explanation:

The computation of the amount charged is shown below;

Cost of patent os

= $219,000 + $59,000

= $278,000

Now

Amortization for 3 years i.e from 2021 to 2024

= ($278,000 ÷ 10) × 3

= $83,400

Now

Net cost of patent is

= $278,000 - $83,400

= $194,600

And, finally  

Amount charged to income  is

= $194,600 + $40,000

= $234,600

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Answer:

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Explanation:

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How do most companies pay the current liabilities incurred by day-to-day operations?.
elixir [45]

Current assets, or possessions used up within a year, are generally used to settle current liabilities.

<h3>Why do you use the term "current liabilities"?</h3>
  • Current liabilities are debts or commitments that fall due within a year or during the regular business cycle. Additionally, current obligations are paid off by using a current asset, either by generating a fresh current liability or by using cash.
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6 0
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Who set up a trust in order to establish Standard Oil as a monopoly? (Points : 3) James Duke Henry Flagler Charles Dudley Warner
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3 years ago
Read 2 more answers
When your father was born 48 years ago, his grandparents deposited $250 in an account for him. Today, that account is worth $36,
ki77a [65]

Answer:

10.94%

Explanation:

Your father was born 48 years ago

His grandfather deposited $250 in an account for him

Today the money is worth $36,500

The annual rate of his return can be calculated as follows

= 36500/250 ×1/48= (1+r/100)

= 146^0.020833= (1+r/100)

= 1.1094-1

= 0.10940×100

= 10.94%

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3 years ago
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