Need help with #3 not last longer than 6 years from the date of acquisition. What amount should be reported in the balance sheet for the patent, net ofaccumulated amortization, at December 31, 2020?The amount to be reported$6960002. Sheridan bought a franchise from Alexander Co. on January 1, 2019, for $330,000. The carrying amount of the franchise onAlexander's books on January 1, 2019, was $330,000. The franchise agreement had an estimated useful life of 30 years. BecauseSheridan must enter a competitive bidding at the end of 2021, it is unlikely that the franchise will be retained beyond 2028. Whatamount should be amortized for the year ended December 31, 2020?The amount to be amortized243. On January 1, 2020, Sheridan incurred organization costs of $265,000. What amount of organization expense should be reported in2020?The amount to be reported%$44. Sheridan purchased the license for distribution of a popular consumer product on January 1, 2020, for $146,000. It is expected thatthis product will generate cash flows for an indefinite period of time. The license has an initial term of 5 years but by paying a nominalfee, Sheridan can renew the license indefinitely for successive 5-year terms. What amount should be amortized for the year endedDecember 31, 2020?The amount to be amortized%24eTexthook and Media

Answer 3) Organization costs include: Legal fees Accounting services Consulting fees Filing fees Computation of amount of Organization expenses to be reported in 2020 is as follows: The organization's expenses are deducted in the year they are incurred, rather than being capitalized. Sheridan should report $265,000 as actual organization costs for 2020. Hence amount to be reported as organization expense is $265,000Answer: The amount to be reported is $265,000

Answered: 3. On January 1, 2020, Sheridan…

Business

Accounting

3. On January 1, 2020, Sheridan incurred organization costs of $265,000. What amount of organization expense should be reported in 2020? The amount to be reported %24

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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