Question
On July 1, 2020, X Corporation purchased a trade name for $1,000,000. The trade name is renewable every 10 years at a cost of $5.
On July 1, 2020, X Corporation purchased a trade name for $1,000,000.
The trade name is renewable every 10 years at a cost of $5. At what amount should the trade name be shown on the December 31, 2020 balance sheet?
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Financial Accounting For Decision Makers
Authors: Peter Atrill, Eddie McLaney
10th Edition
1292409185, 9781292409184
