balance sheet, what amount should Jase report as patent, net of accumulated amortization?
Question 7
Weir Co. uses straight-line depreciation for its property, plant, and equipment, which, stated at cost, consisted of the following: Weir ' s depreciation expense for 2005 and 2004 was $ 55,000 and $ 50,000, respectively. What amount was debited to accumulated depreciation during 2005 because of property, plant, and equipment retirements?
Question 8
On January 2, 2004, Judd Co. bought a trademark from Krug Co. for $ 500,000. Judd retained an independent consultant, who estimated the trademark ' s remaining life to be unlimited because the trademark will be renewed indefinitely. Its unamortized cost on Krug ' s accounting records was $ 380,000. At the time of sale, Krug estimated the useful life of the trademark to be 50 years. In Judd ' s December 31, 2004 balance sheet, what amount should be reported as accumulated amortization?
Question 9
Cart Co. purchased an office building and the land on which it is located for $ 750,000 cash and an existing $ 250,000 mortgage. For realty tax purposes, the property is assessed at $ 960,000, 60 % of which is allocated to the building. At what amount should Cart record the building?
Question 10