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57. Harowitz Company purchases a trademark for $60,000 on January 1, 20X4 from Garrison Corporation, but will not pay for it until 2 years from that date. Interest is not explicitly stated in the contract, but Hatowitz could borrow money at a rate of 6 percent per year currently. At what amount should the trademark be reported on January 1, 20X4? a. $53,278 b. $60,000 c. $53,400 d. $55,200 c. $51,900 58. Harowitz Company purchases a trademark for $60,000 on January 1, 20X4 from Garrison Corporation, but will not pay for it until 2 years from that date. Interest is not explicitly stated in the contract, but Harowitz could borrow money at a rate of 6 percent per year currently. At what amount should the note payable be reported on December 31, 20X4? a. $60,000 b. $56,604 c. $55,000 d. $56,474 e. $55,732 59. Eifle Company purchased a copyright from Filene Corporation on January 1, 20X4. Eifle agreed to make payments of $10,000 per year for 5 years, with the first payment being made immediately. The copyright will also be amortized over 5 years. Assume an interest rate of 7 percent per year is appropriate. At what value will the copyright be recorded on January 1, 20X4? a. $43,872 b. $50,000 c. $44,390 d. $60,757 e. $40,000 expense. 60. Gulliver Inc. purchased a patent from Scarlett Inc. and agreed to pay $50,000 at the end of the fourth year. Assuming the reasonable interest rate to be 9 percent per year, compute the amount of total interest a. $5,000 b. $45,000 c. $14,579 d. $35.422 c. $15,891 e; Easy