Reference no: EM132543931
Questions -
Q1. Oriole purchased a patent from Vania Co. for $1,250,000 on January 1, 2015. The patent is being amortized over its remaining legal life of 10 years, expiring on January 1, 2025. During 2017, Oriole determined that the economic benefits of the patent would not last longer than 6 years from the date of acquisition. What amount should be reported in the balance sheet for the patent, net of accumulated amortization, at December 31, 2017?
Q2. Oriole bought a franchise from Alexander Co. on January 1, 2016, for $375,000. The carrying amount of the franchise on Alexander's books on January 1, 2016, was $525,000. The franchise agreement had an estimated useful life of 30 years. Because Oriole must enter a competitive bidding at the end of 2018, it is unlikely that the franchise will be retained beyond 2025. What amount should be amortized for the year ended December 31, 2017?
Q3. On January 1, 2017, Oriole incurred organization costs of $287,500. What amount of organization expense should be reported in 2017?
Q4. Oriole purchased the license for distribution of a popular consumer product on January 1, 2017, for $155,000. It is expected that this product will generate cash flows for an indefinite period of time. The license has an initial term of 5 years but by paying a nominal fee, Oriole can renew the license indefinitely for successive 5-year terms. What amount should be amortized for the year ended December 31, 2017?
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Briefly explain the concepts of accounting profit
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Propose suggestions for improving the technology requirement
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Most feasible price of the bond
: If the coupon rate of the bond is 6.00%, which one of the following is the most feasible price of the bond?
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Determine which are correct interpretations
: Determine Which of the following are correct interpretations? Suppose we are looking at a cash flow statement constructed using the INDIRECT
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What amount should be amortized for the year ended december
: Oriole can renew the license indefinitely for successive 5-year terms. What amount should be amortized for the year ended December 31, 2017
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How to use the model to set developmental goals
: Using Figure 5.4 on page 139 of your textbook, describe how to use the model to set developmental goals for the employee population. Are balanced goals.
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What is the yield to maturity for bonds
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Determine what ksas are currently resident
: Discuss the relationships among KSAs (knowledge, skills, and abilities), job analysis, organizational strategy, and HR activities. What are the KSAs needed.
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Environment either through carelessness or negligence
: We have seen in the news how certain companies are portrayed as having a negative impact on the environment either through carelessness or negligence.
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