Goosen Company bought a copyright for $91,800 on January 1, 2021, at which time the copyright had an estimated useful life of 15 years. On January 5, 2024, the company determined that the copyright would expire at the end of 2029. How much should Goosen record retrospectively as the effect of change? Multiple Choice $0 $6.120 $7,650 $13,770
Goosen Company bought a copyright for $91,800 on January 1, 2021, at which time the copyright had an estimated useful life of 15 years. On January 5, 2024, the company determined that the copyright would expire at the end of 2029. How much should Goosen record retrospectively as the effect of change? Multiple Choice $0 $6.120 $7,650 $13,770
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter14: Financing Liabilities: Bonds And Long-term Notes Payable
Section: Chapter Questions
Problem 11P
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Transcribed Image Text:Goosen Company bought a copyright for $91,800 on January 1, 2021, at which time the copyright had an estimated useful life of 15 years. On January 5, 2024, the company determined that the copyright would expire at
the end of 2029. How much should Goosen record retrospectively as the effect of change?
Multiple Choice
$0
$6.120
$7,650
$13,770
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