Fixed asset turnover ratio Select financial statement data for two recent years for Davenport Company are as follows: 2015 2014 sales $1,668,000 $1,125,000 Fixed assets: Beginning of year 670,000 580,000 End of year 720,000 670,000 a. Determine the forced asset turnover ratio for 2014 and 2015. Round to one decimal place 2015 2014 Fixed Asset Turnover Ratio b. Does the change in the fixed asset turnover ratio from 2014 to 2045 indicate a favorable of an unfavorable change? Favorable Check My Wor Sales Average Book Value of Faded Assets to obtain the ratio. This ratio measures how efficiently revenues Denerated from a company's underlying fixed assets Impaired Goodwill and Amortization of Patent On April 1, a patent with an estimated useful economic life of 12 years was acquired for $86.400. In addition, on December 31, it was estimated that goodwill of $47,500 was impaired a. Record the acquisition of patent. If an amount box does not require an entry leave bank April 1 patents 88 Cash Chey Recall that goodwill is not amortized because its useful life is indefinite b. Journalize the adjusting entry on December 31 for the amortization of the patent rights. Do not round intermediate clutations. If an amount box does not require an entry, leave it blank. Dec 31 Amortization Expense Patents Patents 88 Feet My Work A separate contra as account is usually not used for intangible wisets. Pwy dose attention to the date of purchase