should Turtle report as accumulated depreciation for equipment ?
Question 6
During 2005 , Jase Co . incurred research and development costs of $ 136,000 in its laboratories relating to a patent that was granted on July 1 , 2005 . Costs of registering the patent equaled $ 34,000 . The patent ' s legal life is 17 years , and its estimated economic life is 10 years . In its December 31 , 2005 , 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