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Several years ago Welch Company purchased a copyright Amortizing occurs on a straight-line basis over its estimated useful life The company’s balance sheets follow at December

Several years ago, Welch Company purchased a copyright. Amortizing occurs on a straight-line basis over its estimated useful life. The company’s balance sheets follow at December 31, 2009, and 2008:

(In thousands)

December 31, 2009

December 31, 2008

Copyright, less accumulated amortization of $15,000 (2008)

and $18,000 (2009)

$132,000

$135,000

 

A.How much amortization expense did Welch record during 2009?

B.Calculate the original cost of the patent.

C.As of December 31, 2009, over how many years has Welch amortized the copyright?

 

34.On January 1, the balance in accumulated depreciation is $28,000. During the current year depreciation expense is $10,000 and equipment with a cost of $9,000 was sold for $3,000 at a loss of $1,000. Calculate the December 31 balance in accumulated depreciation.

35.The balance of accumulated depreciation on January 1 and December 31, 2008 is $54,000 and $58,000, respectively. During 2008, depreciation expense is $18,000, and equipment with a cost of $20,000 is sold for $4,000. Calculate the loss or gain from the sale of equipment.

Jan 25 2020 View more View Less

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