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Home / Questions / 1) Sandhill purchased a patent from Vania Co for $1,300,000 on January 1, 2015 The patent ...

1) Sandhill purchased a patent from Vania Co for $1,300,000 on January 1, 2015 The patent is being a

1) Sandhill purchased a patent from Vania Co for $1,300,000 on January 1, 2015 The patent is being amortized over its remaining legal life of 10 years, expiring on January 1, 2025 During 2017, Sandhill 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, 2017?

 

 

The amount to be reported $_________________________________

 

2Sandhill bought a franchise from Alexander Co on January 1, 2016, for $400,000 The carrying amount of the franchise on Alexander’s books on January 1, 2016, was $550,000 The franchise agreement had an estimated useful life of 30 years Because Sandhill must enter a competitive bidding at the end of 2018, it is unlikely that the franchise will be retained beyond 2025 What amount should be amortized for the year ended December 31, 2017?

 

 

The amount to be amortized $______________________________

 

 

 

 

 

 

Apr 27 2020 View more View Less

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