.  If the patent has a remaining life of nine years, at what amount should the patent be reported on Mali's consolidated balance sheet at December 31, 2

R Company registered a patent on January 1, 2015. P Company purchased the patent from R Company for $450,000 on January 1, 2020, and began to amortize the patent over its remaining legal life. In early 2021, P Company determined that the patent's economic benefits would last only until the end of 2025. What amount should P Company record for patent amortization in 2021? $30,000 $70,000 $90,000 $84,000

Bennet Company purchased a patent from Arnold Company on January 1, 2021 for $450,000. Arnold Company had used the patent for five years prior to selling it to Bennet Company. Assuming Bennet Company plans to use the patent for its full useful life, what amount of amortization expense would Bennet Company record on its 2021 income statement? $22,500 O $30,000 O $25.000 O $37,500 O There is not enough information to answer the question.

Choco, Inc. acquires 15% of Cake Corporation on January 1, 2020, for $130,000 when the book value of Cake’s net assets was $760,000.  During 2020 Cake reported net income of $150,000 and paid dividends of $32,000.  Cake has a land that are undervalued by $30,000 in January 1, 2020.  On January 1, 2021, Choco purchased an additional 30% of Cake for $280,000, giving Choco the ability to significantly influence the operating policies of Cake.  During 2021, Cake reported net income of $180,000 and paid dividends of $32,000.  Cake’s land was undervalued by $32,000 in January 1, 2021.  Any excess of cost over book value is attributable to Trademark which has a useful life of 8 years in January 1, 2020. During 2020 and 2021, there was no fair value adjustment for Cake (there was no changes in fair value). And during 2020 and 2021, there was no changes in net assets.       5) In 2021, using the equity method, what is the balance of the investment account in Cake at December 31, 2020? Show your…

1. Pharoah purchased a patent from Vania Co. for $2,700,000 on January 1, 2018. The patent is being amortized over its remaining legal life of 10 years, expiring on January 1, 2028. During 2020, Pharoah determined that the economic benefits of the patent would not last longer than 7 years from the date of acquisition. What amount should be reported in the balance sheet for the patent, net of accumulated amortization, at December 31, 2020? The amount to be reported 2$ 2. Pharoah bought a franchise from Alexander Co. on January 1, 2019, for $979,000. The carrying amount of the franchise on Alexander's books on January 1, 2019, was $635,000. The franchise agreement had an estimated useful life of 20 years. Because Pharoah must enter a competitive bidding at the end of 2028, it is unlikely that the franchise will be retained beyond 2028. What amount should be amortized for the year ended December 31, 2020? The amount to be amortized 3. On January 1, 2020, Pharoah incurred organization…

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