On October 1,2017,Nurix,Inc

question 151

Multiple Choice

On October 1,2017,Nurix,Inc.purchased a patent for $200,000 cash.Although the patent gives legal protection for 20 years,the patent is expected to be used for only 10 years.What will be the balance in the patent account on September 30,2018?

• A)$180,000
• B)$200,000
• C)$190,000
• D)$100,000

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Definitions:

Time Instrument

A legal document that promises payment of a specified amount of money at a set time or times in the future.

Overdue

A term describing a payment not made by its due date or an action not completed by the scheduled time.

Installment Payment

A method of payment where the total cost is divided into multiple scheduled payments over a period.

Unauthorized Signature

A signature placed on a document by someone not authorized by the proper entity or individual, potentially leading to legal issues.