Sinise Industries acquired two copyrights during 2010. One copyright related to a textbook that was developed internally
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Sinise Industries acquired two copyrights during 2010. One copyright related to a textbook that was developed internally at a cost of $9,900. This textbook is estimated to have a useful life of 3 years from September 1, 2010, the date it was published. The second copyright (a history research textbook) was purchased from University Press on December 1, 2010, for $24,000. This textbook has an indefinite useful life. How should these two copyrights be reported on Sinise’s balance sheet as of December 31, 2010?
Balance SheetBalance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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No 1 for 9900 should be expensed and therefore not reported on th...View the full answer
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Aizel Salvy Servano
My first time as a tutor was in my second year in college. It was some kind of a tradition in our school for the seniors to do tutorials for the management and accountancy freshmen, as preparations for their qualifying examination. Since we were the "seniors" due to the gap created by the K-12 program, we were given the responsibility to carry on the tutorial tradition. We have scheduled session with our assigned tutees where we gave them handout or OTs and do a little lecture. As I am new to these things, I admit that I may not be as good as the others.
I see tutorials as a way of learning not just for the tutees but for the tutors as well. My professor in our major subject always reminds us that to know if we learn well, we must be able to replace them in front and discuss the lesson to our classmate. Being a tutor here is an opportunity for me to help other student like me and to help me grow professionally.
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Related Book For 
Intermediate Accounting
ISBN: 978-0470423684
13th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield
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