7-11

Instructions Explain whether or not the accounting treatment in each of the above situations is in accordance with generally accepted accounting princy what accounting principle or assumption, if any, has been violated and what the appropriate accounting treatment should be Compute amortization expense. LO 4), AN E7.11 These are selected 2017 transactions for Wyle Corporation: Jan. Mar. Sept. 1 1 1 Purchased a copyright for $120,000. The copyright has a useful life of 6 years and a remaining legal life of 30 years. Purchased a patent with an estimated useful life of 4 years and a legal life of 20 years for $54,000. Purchased a small company and recorded goodwill of $150,000. Its useful life is indefinite. Instructions Indicate the amount of amortization expense on December 31, 2017, for Wyle Corporation