Lynne Corporation acquired a patent on January 1, 2015. Lynne paid cash of $45,000 to the seller. Legal fees of $1,000 were paid related to the acquisition. Assuming the patent will last for 10 years, how much amortization expense should Lynn report on its income statement? $4,600 $1,000 $4,500 $4,000 Question 50 (1.54 points) Lynne Corporation acquired a patent on January 1, 2015. Lynne paid cash of $45,000 to the seller. Legal fees of $1,000 were paid related to the acquisition. On December 31, 2015, the amount of Patent reported on the balance sheet is $40,500 $1,000 $40,400 $41,400 Question 51 (1.54 points) Use the information for questions 51 and 52 Dotel Company's 12/31/15 balance sheet reports assets of $9,000,000 and liabilities of $3,750,000. All of Dotel's assets' book values approximate their fair value, except for land, which has a fair value that is $600,000 greater than its book value. On 12/31/15, Egbert Corporation paid $9,150,000 to acquire Dotel. Which of the following statement is true for this purchase? the asset of Dotel be adjusted down by $600,000 none of the above the asset of Dotel be adjusted up by $600,000 the asset of Dotel be adjusted up by $900,000