Crane Co. bought a patent from Cullumber Corp. on January 1, 2021, for $897000. An independent consultant
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Crane Co. bought a patent from Cullumber Corp. on January 1, 2021, for $897000. An independent consultant retained by Crane estimated that the remaining useful life at January 1, 2021 is 15 years. Its unamortized cost on Cullumber’s accounting records was $448500; the patent had been amortized for 5 years by Cullumber. How much should be amortized for the year ended December 31, 2021 by Crane Co.?
$59800. |
$44850. |
$89700. |
$0. |
Sandhill Corporation incurred the following costs in 2021:
Acquisition of R&D equipment with a useful life of | |
4 years in R&D projects | $960000 |
Start-up costs incurred when opening a new plant | 148000 |
Advertising expense to introduce a new product | 860000 |
Engineering costs incurred to advance a product to full | |
production stage | 752000 |
What amount should Sandhill report as research & development expense in 2021?
Related Book For
Modern Advanced Accounting In Canada
ISBN: 9781259066481
7th Edition
Authors: Hilton Murray, Herauf Darrell
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