Questions 3-6

QUESTION 3 Snowbird Company was granted a patent on January 1, 2019, which had cost $68,000 and has a legal life of 17 years. However, due to expected technological changes, the expected useful life of the patent is only 8 years. What is the amount of the patent's amortization expense for the year 2019? O A. $1,700 O B. 568,000 OC. $4.000 O D.58,500 QUESTION 4 A company purchased equipment by signing a promissory note. When should the cost of the equipment be expensed? O A. Over the estimated useful life of the equipment B. Immediately, when the equipment is purchased C. When the promissory note is repaid D. When the equipment is sold Click Save and Submit to save and bruit. Click Save All Ansters to sell annars Save All Answers Type here to search QUESTION 5 If a company reports goodwill as an intangible on its books, what is the one thing you know with certainly? O A. The company has a well-established brand name. O B. The goodwill will generate a lot of positive business for the company for many years to come. O C. The company is a valuable company worth investing in OD. The company purchased another company. QUESTION 6 Mammoth Corporation sold 8,000 shares of its 52 par value common stock for 514 per share. The journal entry to record the sale of the stock would include O A Debit to Common Stock for $16.000 OB. Credit to Paid-in Capital in Excess of Par Value-Common Stock for $96.000 OC. Credit to Common Stock for $112,000 O D.Debit to Cash for $96.000 Click Save and Submit to save and submit. Click Save All Answers to see all armers Save All Answers Core Window Type here to search Chp