Belotti would record depletion in 2013 of a 41000 b

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55. Belotti would record depletion in 2013 of: A. $41,000. B. $32,800. C. $30,750. D. $24,600. 56. Belotti would record depletion in 2014 of: 57. The legal life of a patent is:
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58. Short Corporation purchased Hathaway, Inc., for $52,000,000. The fair value of all Hathaway's identifiable tangible and intangible assets was $48,000,000. Short will amortize any goodwill over the maximum number of years allowed. What is the annual amortization of goodwill for this acquisition? 59. Granite Enterprises acquired a patent from Southern Research Corporation on January 1, 2013, for $4 million. The patent will be used for 5 years, even though its legal life is 20 years. Rocky Corporation has made a commitment to purchase the patent from Granite for $200,000 at the end of five years. Compute Granite's patent amortization for 2013, assuming the straight-line method is used. A. $380,000. B. $400,000. C. $760,000. D. $800,000.
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60. In January 2013, Vega Corporation purchased a patent at a cost of $200,000. Legal and filing fees of $50,000 were paid to acquire the patent. The company estimated a 10-year useful life for the patent and uses the straight-line amortization method for all intangible assets. In 2016, Vega spent $40,000 in legal fees for an unsuccessful defense of the patent. The amount charged to income (expense and loss) in 2016 related to the patent should be: 61. Accounting for a change in the estimated service life of equipment:
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62. A change in the estimated useful life and residual value of machinery in the current year is handled as: residual value had been used all along. new estimates. the new versus old estimates. 63. Nanki Corporation purchased equipment on January 1, 2011, for $650,000. In 2011 and 2012, Nanki depreciated the asset on a straight-line basis with an estimated useful life of eight years and a $10,000 residual value. In 2013, due to changes in technology, Nanki revised the useful life to a total of six years with no residual value. What depreciation would Nanki record for the year 2013 on this equipment? A. $108,333. B. $106,667. C. $122,500. D. None of the above is correct.
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