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148 on january 1 2012 the donut stop purchased a patent for 80 000 the remaining leg 4296495

 

148.On January 1, 2012, The Donut Stop purchased a patent for $80,000. The remaining legal life is 20 years, but the company estimates the patent will be useful for only five more years. In January 2013, the company incurred legal fees of $25,000 in successfully defending a patent infringement suit. The successful defense did not change the company's estimate of useful life. The Donut Stop's year end is December 31st. Record the purchase and amortization in 2012 and the legal fees and amortization in 2013. What is the balance in the Patents account at the end of 2013?

149.The Bomb Pop Corporation sold ice cream equipment for $16,000. They originally purchased the equipment for $40,000, and depreciation through the date of sale totaled $25,000. What was the gain or loss on the sale of the equipment? Record the sale of the equipment.

150.Strawberry Fields purchased a tractor at a cost of $38,000 and sold it two years later for $25,000. Strawberry Fields recorded depreciation using the straight-line method, a five-year service life, and an $8,000 residual value. What was the gain or loss on the sale? Record the sale.

 

 

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