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A patent is purchased for $40,000 by a company that estimates that the patent has a useful life of 5 years. Because the majority of intangibles are amortized on a straight-line basis, the company decides to amortize the $40,000 patent over a five year period on a straight-line basis. I know that on a straight-line basis, periodic amortization amounts to $8,000 (i.e. $40,000/5). My question is, if that same patent was estimated to have a useful life of 5 years, but was actually outdated by 3 years how would the company account for this error by way of a journal entry?
the paris bakery has decided to bake 30 batches of its famous beignets at the beginning of the day. the store has
accounting treatment for errors and corrections.effects of errors show how the following independent errors will affect
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Record each transaction in the journal. Identify each transaction by its date. Explanations are not required.
Revaluation adjustments on acquisition are to be made on consolidation only, not in the books of any subsidiary and non-controlling interests are measured at the proportionate share of a subsidiary's identifiable net assets
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Below is budgeted production and sales information for Fleming Inc. for December. Evaluate the budgeted total sale for December
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1.which of the following statements best describes the optimal capital structure?a.the optimal capital structure is the
Briefly explain the depreciation and impairment process in relation to approximating the fair value of fixed assets and define fair value in relation to non-current assets and the approaches that may be used to calculate it.
Calculate the predetermined overhead rate and compute the total manufacturing overhead applied to the Work in Process Inventory account during the first month of operations.
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