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