Please select the answer from the given amount te downward to 5 remaining years. Are 30. The company's year ends Dece150 00060 000

Answered: te downward to 5 remaining years. Ar e…

Business

Accounting

te downward to 5 remaining years. Ar e 30. The company's year ends Dece 150 000 60 000

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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Question

Please select the answer from the given amount

te downward to 5 remaining years. Ar
e 30. The company's year ends Dece
150 000
60 000

Expert Solution

Requirement 1:

Cost of patent purchased in Jan 2004 = $59500

Useful life of patent = 17 years

Amortisation amount = Cost of patent purchased / Useful life

= 59500/17 = $3500

Carrying value of patent as on December 31, 2004 = Original cost of patent - Amortisation amount

= 59500 - 3500 = $56000.

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