On January 1, 2012, Hogan Co. developed a patent for $100,000 and purchased a patent for $300,000. The patents are deemed to have a 10 year life. What is the amount of amortization on the 12/31/2016 income statement and what amount is shown on the 12/31/2016 balance sheet related to these patents? BIS$ On December 31, 2016, York Corp. sold a boiler. The following information was available on that date: 2. Purchase price paid for boiler Date originally purchased Life 7 years. Original salvage value established Installation cost paid at time of purchase in cash Straight-line depreciation is used. $220,000 12/31/2011 $10,000 30,000 The old boiler was sold for $40,000 cash. Provide a JE for the sale. What if the boiler was traded for another boiler (had commercial substance) that had a FMV of $40,000. a. b. What if old boiler was sold for cash and sum-of-the years' digits were used to calculate depreciation? Hahn Co. has the following data related to an asset that is depreciated using the declining method: Acquisition date Cost Residual value Estimated useful life 11/1/2011 $410,000 $30,000 10 years Using the DB depreciation method is used, how much depreciation expense should Hahn record in 2011 for this asset