VICHIURGICSCurrent Attempt in ProgressBridgeport Ltd. shows a patent on its statement of financial position. At its year end of October 31, 2022, the caption readPatent (net) $73,500 and at its year end of October 31, 2023, the caption read Patent (net) $47,000. Bridgeport's recordedamortization on the patent in the amount of $5,100 for the 2023 fiscal year and the remaining change in the account resultedfrom recording a loss on impairment for the year ended October 31, 2023. There were no purchases or sales of patents duringthe year.Determine the necessary caption(s) and amount(s) that should appear on Bridgeport's statement of cash flows, using theindirect method. Indicate where the item(s) would appear on the statement (the operating, investing, or financing section(s)).(Show amounts that decrease cash flow with either a-sign e.g. -15,000 or in parenthesis e.g. (15,000).)Bridgeport Ltd.Statement of Cash Flow (Partial)For the Year Ended October 31, 2023Adjustments to reconcile net income to=SUPPORT

The cash flow statement refers to financial statement that summarizes the amount of cash and cash…

Answered: Current Attempt in Progress Bridgeport…

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 8P

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