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On June 2, 2019, Lokar Corporation purchases a patent for $68,000 from the inventor of a new extrusion process. The patent has 12 years remaining
On June 2, 2019, Lokar Corporation purchases a patent for $68,000 from the inventor of a new extrusion process. The patent has 12 years remaining on its legal life. Also, Lokar purchases substantially all the assets of the Barrios Corporation for $750,000 on September 8, 2019. The values of the assets listed in the purchase agreement are as follows: Inventory $250,000 ,176,000 Manufacturing equipment Patent on compression process Goodwill 105,000 ,000 Refer to the MACRS Depreciation Table to answer the following question. Note: In your calculations, round amortization percentages to two decimal places, and dollar amounts to the nearest whole dollar. Assume the equipment has a MACRS recovery period of 7 years and that the full election expense is taken in the year of acquisition. The maximum 2019 cost-recovery deductions for the tangible and intangible assets purchased is $
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