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Question - On January 1, 2016, Harris Company acquired a patent on a particular oil extraction technique for $6.25 million. The patent was expected to have a 10-year life and no residual value. On December 31, 2017, Harris determined its expected future cash flows from the patent were $750,000 per year for each of the next eight years. The present value of these flows, discounted at Harris' market interest rate, is $3.5 million. Note that Harris uses straight-line amortization for patents. Given this information, the oil-extraction patent should be carried on the firm's December 31, 2017, balance sheet at an amount of
A: $6 million.
B: $3.5 million.
C: $5 million.
D: $6.25 million.
International Finance Incorporated issues letters of credit to importers for overseas purchases. The company charges a nonrefundable application fee of $3,000 and, on approval, an additional service fee of 2% of the amount of credit requested.
Variable costing net operating income last year was $86,000 and this year was $98,000. What was the absorption costing net operating income last year
The management of Delta Sugar Company is considering whether toprocess further raw sugar into refined sugar. Refined sugarcan be sold for $1.75 per pound, and raw sugar can be sold withoutfurther processing for $1.05 per pound.
you have won a lottery. you will receive 200000 after taxes each year for the next 5 years. describe the process you
for each situation prepare the appropriate journal entry for the redemption of the bonds.a thunder corporation retired
The unadjusted trial balance for Sierra Corp. is shown in Illustration 4-4. In lieu of the adjusting entries shown in the text at October 31, assume the following adjustment data.
A current administrative issue is the breach notification obligation that was newly recognized as part of the innovative Health Insurance Portability and Accountability Act (HIPAA) set of laws, and it contains punishments for non-cooperation (Cole..
Medium Inc. had one class of stock outstanding. How much is Linda's basis in her remaining stock after the redemption, and what is her basis in the building
Compute the following amounts for the month of may: Cost of direct materials used, Cost of direct labor used and Cost of goods manufactured
You work for a nuclear research laboratory that is contemplating leasing a diagnostic scanner (leasing is a very common practice with expensive, high-tech equipment). The scanner costs $5,100,000, and it would be depreciated straight-line to zero ..
Inspection hours for the 10,000 tables varnished in September totaled 2,500 hours by 16 employees. Eight quarts of varnish were used, on average, for each table. The standard amount of varnish per table is nine quarts. The cost of inspection for S..
Catherine Carlson is a self-employed consultant. During 2016, her net profit from her sole proprietorship is $190,000
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