4. At the beginning of 2020, Ryan's management discovered that certain assets purchased several years ago...

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4. At the beginning of 2020, Ryan's management discovered that certain assets purchased several years ago hadn't been depreciated. The amount of depreciation that should have been expensed to date on these assets, $225,000, was fully expensed in 2020, along with the 2020 depreciation. 5. In August 2020, Ryan obtained a licence to instal a certain type of specialized heating system for a high-end hotel chain. Ryan paid $350,000 to obtain this licence and is entitled to use this heating system for the next five years. Ryan has capitalized this amount and decided not to amortize it as he believes that his company will be able to renew the licence at the end of five years. 4. At the beginning of 2020, Ryan's management discovered that certain assets purchased several years ago hadn't been depreciated. The amount of depreciation that should have been expensed to date on these assets, $225,000, was fully expensed in 2020, along with the 2020 depreciation. 5. In August 2020, Ryan obtained a licence to instal a certain type of specialized heating system for a high-end hotel chain. Ryan paid $350,000 to obtain this licence and is entitled to use this heating system for the next five years. Ryan has capitalized this amount and decided not to amortize it as he believes that his company will be able to renew the licence at the end of five years.