On January 1, 2014, Wren Corp

question 17

Multiple Choice

On January 1, 2014, Wren Corp.purchased a patent for $238,000.The patent is being amortized straight-line with no residual value over its remaining legal life of 15 years.At the beginning of 2017, however, Wren determined that the economic benefits of the patent would not last longer than ten years from the date of acquisition.What amount should be reported in the statement of financial position for the patent, net of accumulated amortization, at December 31, 2017?

• A)$142,800
• B)$163,200
• C)$168,000
• D)$174,550

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Definitions:

Rulers

Tools in graphic design and document editing software that help measure and align objects within the layout.

Numbering Style

The specific arrangement or method applied to the sequential numbering of pages, sections, points, or items in a document.

Numbering Arrow

An icon or graphic used to indicate or change the order or sequence of items in a list, typically found in software interfaces.

Paragraph Group

A collection of formatting controls in a word processor that affect the layout and appearance of paragraphs, including alignment, indentation, and spacing.