on January 1, 2019 Lina as a Manufacturing Company acquired a patent on a manufacturing process for $4,000,000.lt was expected to have a 10 year life and no residual value. It uses straight-line amortization for patents. On December 31, 2021, the recoverable amount of the patent was estimated to be $2,720,000. At what amount should the patent be carried on the December 31, 2021 balance sheet?

on January 1, 2019 Lina as a Manufacturing Company acquired a patent on a manufacturing process for $4,000,000.lt was expected to have a 10 year life and no residual value. It uses straight-line amortization for patents. On December 31, 2021, the recoverable amount of the patent was estimated to be $2,720,000. At what amount should the patent be carried on the December 31, 2021 balance sheet?

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter8: Property Transactions: Capital Gains And Losses, Section 1231 And Recapture Provisions

Section: Chapter Questions

Problem 38P

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