PART D:

On April $1^{st},2022,$ Brighton Mines purchased a patent for a new technology to be used in the refinement of

their mined ore. They paid $$300,000$ for the patent.

Instructions:

a$)$ Record the purchase of the patent

b$)$ The patent has an estimated useful life of $10$ years, at which time it will have no residual value.

Record the amortization on the patent on December $31,2022$

c$)$ On January $1^{st},2023$ a team set up to evaluate our assets determined that the patent will only

provide us with $$250,000$ of fair value in the future. Record any necessary impairment of the patent.

d$)$ Record the amortization on the patent on December $31,2023$

PART E:

The following is information about Brighton Mines for the past three years.

Instructions:

a$)$ Calculate the asset turnover for $2022$ and $2023$

b$)$ Calculate the return on assets for $2022$ and $2023$

c$)$ Briefly comment on each of the numbers calculated: What does each number mean? What is the

current trend in both these numbers?