True/False
On 1 January 2016,Portwell Company purchased a patent for $200 000.It estimates a useful life of four years.At the end of 2016,the Patent account will have a debit balance of $200 000 and there will be a credit balance in the Accumulated amortisation account of $50 000.
Correct Answer:
Verified
Correct Answer:
Verified
Related Questions
Q69: If the sales price of an item
Q70: A company's accountant capitalises a payment that
Q71: Which of the following items should be
Q72: A coal mine costs $1,008,000 and is
Q73: A revaluation increment will always be credited
Q75: Expenditures that extend the life of an
Q77: The most common asset to revalue downwards
Q78: Which of the following assets is NOT
Q79: A photocopy machine costs $99,000 when new
Q145: When an asset is fully depreciated, no