Sunland Company purchases a patent for $169,300 on January 2, 2017. Its estimated useful life is 5 years. (a) Compute amortization expense for the first year. Amortization Expense (b) Show how this patent is reported on the balance sheet at the end of the first year. : $

 (a)   Amortization expense $33,860  

             To Patent  $33,860

(Being the amortization expense is recorded)  

It is computed below:

= $169,300 ÷ 5 years

= $33,860

(b)  The presentation is shown below:  

                                                Sunland company  

                                             Balance sheet (Partial)

Intangible assets:  

Patent is ($169,300 - $33,860) $135,440  

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The presentation and journal entry is shown below:

Explanation:

1.   Amortization expense$33,860

               To Patent  $33,860

(Being the amortization expense is recorded)

It is calculated below:

= $169,300 ÷ 5 years

= $33,860

2.  The presentation is shown below:

                                                 Sunland company

                                              Balance sheet (Partial)

Intangible assets:  

Patent is ($169,300 - $33,860)$135,440  

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hi,

henry is an economist and wants to understand the relationship between inflation and consumer spending habits. for his research, he needs the consumer price index for 2014 and the inflation rate. based on the prices of goods given, what will he find to be the cpi and inflation rate for 2014? assume that a consumer’s basket for three consecutive years consists of the following:

you dont privide answer choices.

answer - 15% of a inflatation rate is 15% less in cpi