Question: Unique Quality Recourses purchased a patent for 150 000 on July
Unique Quality Recourses purchased a patent for $150,000 on July 1, 2009. The estimated useful life is 20 years. The legal life is 15 years. What is the amortization expense for the fiscal year ended June 30, 2010?
Answer to relevant QuestionsCategorize each of the following as a capital expenditure or a revenue expenditure (expensed) for Dalton & Sons and explain why:1. In accordance with the long-term maintenance plan, paid for a newly reshingled roof ...A machine is purchased on July 1, 2009, for $170,000. It has an expected useful life of 10 years and no salvage value. After eight years, the machine is sold for $36,000 cash. What is the gain or loss on the sale?CNA Enterprises purchases an oil field and expects it to produce 1,000,000 barrels of oil. The oil field, acquired in January 2008, cost CNA $1.5 million. In 2008, the oil field produced 280,000 barrels. In 2009, the oil ...Paper Printing Company purchased a copy machine for $65,000 on January 1, 2010. The copy machine had an estimated useful life of five years or 1,000,000 copies. Paper Printing estimated the copy machine’s salvage value to ...Pet Food Enterprises has had a machine for five years. At the beginning of the sixth year, the machine was not performing as well as expected. First, Pet Food performed regularly scheduled maintenance on the machine, which ...
Post your question