a imited-life intangible asset for $375,000 on May 1, 2016. t years. What total amount of amortization expense should have 8. Jeff has a useful ife of t on the asset by December 31, 2018? b. $75,000 . $100,000 d. $112,500 $450.000 on May 1, 2016, of amortization expense should have 9. Rich Corporation purchased a limited-life intangible asset for It has a useful life of 10 years. What total amount been recorded on the intangible asset by December 31, 2018 b. $90,000 c. $120,000 d. $135,000 10 Thompson Company incurred research and development costs of $100,000 and legal fees of $40,000 to acquire a patent. The patent has a legal life of 20 years and a user lite of 10 years. What amount should Thompson record as Patent Amortization Expense in the first year? a. b. $ 4,000. c. $ 7,000 d. $14,000 11. Danks Corporation purchased a patent for $405,000 on September 1, 2016. It had a useful life of 10 years. On January 1, 2018, Danks spent $99,000 to successfully defend the patent in a lawsuit. Danks feels that as of that date, the remaining useful life is 5 years. What amount should be reported for patent amortization expense for 2018? a. $92,700. b. $90,000. c. $84,600. d. $70,200. 12. On January 2, 2017, Klein Co. bought a trademark from Royce, Inc. for $2,000,000. An independent research company estimated that the remaining useful life of the trademark was 10 years. Its unamortized cost on Royce's books was $1,500,000. In Klein's 2017 income statement, what amount should be reported as amortization expense? a. $200,000. b. $150,000. C. $100,000. d. $75,000 Liabilities are a. Any accounts having credit balances after closing entrios are made b. Deferred credits that are recognized and measured in conformity with gene accepted accounting principles. c. Obligations to transfer ownership sharos to other entities in the future d. Obligations arising from past transactions and payable in assets or services future