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What amount of amortization expense should echolls record

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Reference no: EM133122629

Questions -

Q1. When a company is the recipient of a donated asset from a local government, the account credited  should be a

a. paid-in capital account.

b. deferred revenue account.

c. revenue account.

d. None of these answers are correct

Q2. Echolls Inc. acquired a patent for $750,000 on January 1, 2018. The patent has a remaining legal  life of ten years. Echolls expects the patent to be useful until the end of 2023. What amount of  amortization expense should Echolls record for the patent in 2018 using the straight-line method? 

a. $150,000

b. $125,000

c. $75,000

d. $37,500

Reference no: EM133122629

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