Hepburn company bought a copyright for 150100 on january 1

Reference no: EM13573945

1. Cramer Company sold 5-year, 6% bonds on October 1, 2013. The face amount of the bonds was $185,000, while the issue price was $196,000. Interest is payable on April 1 of each year. The fiscal year of Cramer Company ends on December 31. How much interest expense will Cramer Company report in its December 31, 2013, income statement (assume straight-line amortization)? (Do not round your intermediate calculation.)

a. $1,675

b. $2,775

c. $2,940

d. $2,225

2. Hepburn Company bought a copyright for $150,100 on January 1, 2010, at which time the copyright had an estimated useful life of 19 years. On January 5, 2013, the company determined that the copyright would expire at the end of 2018. How much should Hepburn record as amortization expense for this copyright for 2013? (Round your answer to the nearest dollar amount.)

a. $21,067

b. $7,900

c. $527

d. $1,580

Reference no: EM13573945

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