WeChat Image_20191011193821.png - Clement Corp a pharmaceutical manufacturer licensed a drug patent to Global Corp for royalties of 5 of drug sales

WeChat Image_20191011193821.png - Clement Corp a...

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Unformatted text preview: Clement Corp., a pharmaceutical manufacturer, licensed a drug patent to Global Corp. for royalties of 5% of drug sales. Royalties are payable twice yearly on April 15 for sales from July through December of the previous year and on October 15 for January - June same-year sales. In year 8, Global paid royalties of $20,000 and $25,000 on April 15 and October 15, respectively. In response to Global's estimate of July - December sales of the drug, Clement correctly recognized $43,000 in royalty revenue in its financial statements dated December 31, year 8. What was Global's sales estimate for the second half of year 8? Multiple Choice O $500,000 O $400,000 $360,000...
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