connect ACCOUNTING Ch. 11 Test Question 10. 0.00 points MC Qu. 59 LO 11-04 Grani

Question

connect ACCOUNTING Ch. 11 Test Question 10. 0.00 points MC Qu. 59 LO 11-04 Granite Enterprises acquired a patent from Southern Research.. Sranite Enterprises acquired a pstent from Southern Research Corporation on January 1,2016 or $4.4 million. The patent wil be used for 5 made a commitment to purchase the patent from Granite for $300,000 at the end of five years. Compute Granite's patent amotization tor 2016, assuming the straight-line method is used years, even though its legal ie is 20 years Rocky Corporation has O $820,000 O $410.000 O $440,000 O s880000 Mubiple Choice MC Qu 59 LO 11-04 Granite Enterprises acquired a patent fro Southèn Roseaich TOSHIBA esc 2 3 4 5 tab 9

Explanation / Answer

so correct answer is 820,000.

Cost of patent 4400000 Salvage value of patent 300000 Patent value to be amortized 4100000 Useful life of patent 5 Amortization of patent per year 820000 (4100000/5)

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