Question
5)On June 30, 2020, Lane Corporation sold a patent. Lane Corp originally paid $25,000 for patent. The patent now has a book value of $12,000.
5)On June 30, 2020, Lane Corporation sold a patent. Lane Corp originally paid $25,000 for patent. The patent now has a book value of $12,000. What are the proceeds on the sale if the loss is $4,000?
Group of answer choices
$8,000
$6,000
$16,000
$4,000
$20,000
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Audit Effectiveness Meeting The IT Challenge
Authors: Kamil Omoteso
1st Edition
1409434680, 9781409434689
