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:

Physiological Responses

automatic reactions of the body to internal or external stimuli, such as changes in heart rate, hormone levels, and muscle tension.

Expressing Emotion

The action of conveying feelings or emotions through words, gestures, facial expressions, or other behaviors.

Facial Expressions

The movements or positions of the face that convey a person's emotions, intentions, or social signals.

Eastern And Western Cultures

The distinction between the diverse cultural, philosophical, social, and artistic norms prevalent in Asia, known as Eastern, and those in Europe and the Americas, referred to as Western.