The legal life of a patent is: Multiple Choice Life of the inventor plus fifty years. Indefinite. Forty years Twenty years Real Angus Steakhouse purchased land for $75,000 cash. Commissions of $4,500, property taxes of $5.000, and title insurance of $800 were also incurred. The $5,000 in property taxes includes $4.000 in back taxes paid by Real Angus on behaif of the seller and $1.000 due for the current vear after the purchase date. For what amount should Real Angus Steakhouse record the land? Multiple Choice S83.500 S75.000 $84.300 Sa5,300 A company purchased a three-acre tract of land for a building site for $350,000. The company demolished the old building at a cost of $12.000, but was able to sell scrap from the building for $1500. The cost of title insurance was $900 and attorney fees for reviewing the contract was $500 Property taxes paid were $3.000, of which $250 covered the period after the purchase date. The capitalized cost of the land is Multiple Choice $364650 $366150 $366 400 $23U50 In accounting. goodwill Multiple Choice Must be expensed in the period whentis acquired May be recorded when the company purchases another business Is never recorded O May be recorded when a company's level of net income exceeds the industry aerage On July 1, 2021, a company sells $2.000 of gift cards to customers. The gift cards expire one year from the date of sale. By December 31, 2021, $1,600 of the gift cards have been redeemed. What is the appropriate balance in the Deferred Revenue account on December 31, 20217 Multiple Choice $1800. $400 $2.000. $1600 Equipment was sold for $50,000. The equipment was originally purchased for $85,000. At the time of the sale, the equipment had accumulated depreciation of $30.000. Calculate the gain or loss to be recorded on the sale of equipment. Mutiple Choice Loss of $5.000 Gain of $5,000 Gain of $20.000 Loss of $35.000