For each of the following unrelated transactions, (1) (2) Timber rights were purchased on a tract of land for $414,800. The timber is estimated at 1,220,000 board feet. During the current year, 72,500 board feet of timber were cut and sold. Costs of $8,300 were incurred on January 1 to obtain a patent. Shortly thereafter, $22,000 was spent in legal costs to successfully defend the patent against competitors. The patent has an estimated legal life of 12 years. (a) Determine the amount of the amortization expense or depletion for the current year. (1) Amount of the depletion for the current year - Timber $ (2) Amount of the amortization for the current year - Patent $

For each of the following unrelated transactions, (1) (2) Timber rights were purchased on a tract of land for $414,800. The timber is estimated at 1,220,000 board feet. During the current year, 72,500 board feet of timber were cut and sold. Costs of $8,300 were incurred on January 1 to obtain a patent. Shortly thereafter, $22,000 was spent in legal costs to successfully defend the patent against competitors. The patent has an estimated legal life of 12 years. (a) Determine the amount of the amortization expense or depletion for the current year. (1) Amount of the depletion for the current year - Timber $ (2) Amount of the amortization for the current year - Patent $

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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