1. Carla Vista purchased a patent from Vania Co. for $1,290,000 on January 1, 2018. The patent is being amortized over its remaining legal ife of 10 years, expiring on January 1, 2028. During 2020, Carla Vista 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 balane sheet for the patent, net of accumulated amortization, at December 31, 2020? The amount to be reported
1. Carla Vista purchased a patent from Vania Co. for $1,290,000 on January 1, 2018. The patent is being amortized over its remaining legal ife of 10 years, expiring on January 1, 2028. During 2020, Carla Vista 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 balane sheet for the patent, net of accumulated amortization, at December 31, 2020? The amount to be reported
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter12: Intangibles
Section: Chapter Questions
Problem 13E
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