Under U.S. GAAP, how much revenue would Mary recognize in year 1 of the license? A) $0 B) $1,500 ) $3,000 D) $15,000
Under U.S. GAAP, how much revenue would Mary recognize in year 1 of the license? A) $0 B) $1,500 ) $3,000 D) $15,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![96) The Fremont (Ireland) Flyers were a semi-professional carriage racing team that competed
up until the early 1930's. Mary Smith owns the Fremont Fliers' trademark, and recently licensed
it to the Fremont (California) Flyers roller derby team. The license allows the roller derby team
to use the trademark for five years for a total of $15,000.
Under U.S. GAAP, how much revenue would Mary recognize in year 1 of the license?
A) $0
B) $1.500
C) $3,000
D) $15,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5a79f5fd-2bdd-484b-9c0d-a83d48b55247%2F38522f70-8b1a-4d1c-9161-56250edb99ae%2Fsq7xij3_processed.jpeg&w=3840&q=75)
Transcribed Image Text:96) The Fremont (Ireland) Flyers were a semi-professional carriage racing team that competed
up until the early 1930's. Mary Smith owns the Fremont Fliers' trademark, and recently licensed
it to the Fremont (California) Flyers roller derby team. The license allows the roller derby team
to use the trademark for five years for a total of $15,000.
Under U.S. GAAP, how much revenue would Mary recognize in year 1 of the license?
A) $0
B) $1.500
C) $3,000
D) $15,000
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