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The Fallen Company began business early in 2010, when Fallen paid an initial fee of $100,000

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The Fallen Company began business early in 2010, when Fallen paid an initial fee of $100,000 to purchase a franchise. In forming the company, Fallen also spent $11,000 on legal fees and $4,500 on accounting fees. During the year, Fallen spent $7,500 on product development and paid $10,000 in continuing franchise fees. What amount should Fallen capitalize for intangible assets in 2010? (Points: 4);$100,000;$115,500;$123,000;$133,000;30. In January 2010, the Remy Corporation purchased a patent for $231,000 from Nel Company that had a remaining legal life of 14 years. Remy estimated that the remaining economic life would be seven years. In January 2014, the company incurred $30,000 in legal costs to defend the patent from an infringement. Remy?s lawyers were successful, and the remaining years of benefit from the patent were estimated to be six years. The patent amortization expense for 2014 is (Points: 4);$7,615;$9,923;$16,500;$21,500

 

Paper#32306 | Written in 18-Jul-2015

Price : $27
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