(iii) Why cash realizable value does not decrease when an uncollectible account is written off under the allowance method. Clarify this point.

(iv) Indicate the maturity date of each of the following promissory notes:

Date of Note Terms

(a) March 13 one year after date of note

(b) May 4 3 months after date

(c) June 20 30 days after date

(d) July 1 60 days after date

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1.1) Elite Co. has office furniture that cost $75,000 and that has been depreciated $48,000. Record the disposal under the following assumptions. (a) It was scrapped as having no value. (b) It was sold for $21,000. (c) It was sold for $61,000. (d) It was exchanged for similar office furniture. The old furniture has a fair market value of $46000, and $8000 was paid. (e) It was exchanged for similar office furniture. The old office has a fair market value of $25000 and $29000 was paid. 11). SAVER Company, organized in 2010. has the following transactions related to intangible assets. 1/2/10 Purchased patent (7-year life) $560,000 4/1/10 Goodwill purchased (indefinite life) 360,000 7/1/10 10-year franchise; expiration date 7/1/2019 440,000 9/1/10 Research and development costs 185.000 Instructions Prepare the necessary entries to record these intangibles. All costs incurred were for cash. Make the adjusting entries as of December 31, 2010, recording any necessary amortization and reflecting all balances accurately as of that date