1. Daschle LLC completed some research and development activities during June of the current year. Related costs...
Question:
1. Daschle LLC completed some research and development activities during June of the current year. Related costs were $73,800. If Daschle wants to capitalize and amortize costs as quickly as possible, what is the total amortization expense that Daschle can deduct during the current year?
2. Jorge bought a copyright to use in his business in the current year. The purchase occurred on July 15 and the purchase price was $82,500. If the patent has a remaining life of 75 months, what is the total amortization expense that Jorge can deduct during the current year?
3. Butte sold a machine to a machine dealer for $50,600. Butte purchased the machine for $54,400 several years ago and has claimed $12,200 of depreciation expenses on the machine. What is the amount and character of Butte's profit?
Intermediate Accounting 2014 FASB Update
ISBN: 978-1118147290
15th edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield