I only need answers for these three problems:

Question 10

1. The Applet Company registered a patent on January 1, 2004. Bandana Company purchased the patent from Bandana for $300,000 on January 1, 2009, and began to amortize the patent over its remaining legal life. In early 2010, Bandana determined that the patent's economic benefits would last only until the end of 2013. What amount should Bandana record for patent amortization in 2010?

   	a.	$15,000
   	b.	$20,000
   	c.	$40,000
   	d.	$70,000

1 points

Question 11

1. In January 2004, the Kiss Corporation purchased a patent for $192,000 from Hug Company that had a remaining legal life of 14 years. Kiss estimated that the remaining economic life would be eight years. In January 2008, the company incurred $30,000 in legal costs to defend the patent from an infringement. Kisss lawyers were successful and the remaining years of benefit from the patent were estimated to be six years. The patent amortization expense for 2008 is

   	a.	$16,000
   	b.	$21,000
   	c.	$22,200
   	d.	$27,857

1 points

Question 12

1. In 1960 Catalog Company had acquired copyrights for $750,000 on several literary works from some obscure 18th century authors. These copyrights were fully amortized by 2007. In early 2007, a new anthropological discovery made these copyrights worth $2,500,000. As a result, Catalog should report which of the following in its financial statements for 2007:

   	a.	$2,500,000 as a holding gain
   	b.	$2,500,000 as a component of continuing operations.
   	c.	$2,500,000 as an extraordinary item
   	d.	Nothing