XYZ Company purchased a patent from ABC for $144,000. At the time of purchase the patent had been in existence for 8 years. What is the first year's amortization? a. $7, 200 b. $18,000 c. $12,000 d. $144,000 On June 8, Acme Co. issued an $80,000, 6%, 120-day note payable to Still Co. What is the due date of the note? a. October 8 b. October 7 c. October 6 d. October 5 On June 8, Acme Co. issued an $80,000, 6%, 120-day note payable to Still Co. What is the maturity value of the note? a. $80, 100 b. $84, 800 c. $81, 600 d. $81, 200 On June 8, Acme Co. issued an $80,000, 6%, 120-day note payable to Still Co. Assume that the fiscal year of Acme Co. ends June 30. W hat is the amount of interest expense recognized by Acme in the current fiscal year? a. $293.33 b. $400.00 c. $391.11 d. $1, 600.00