On January 2, 2019, Fran Acquires a Business from Chuck

question 29

Multiple Choice

On January 2, 2019, Fran acquires a business from Chuck.Among the assets purchased are the following intangibles: patent with a 7-year remaining life, a covenant not to compete for 10 years, and goodwill. Of the purchase price, $140,000 was paid for the patent and $60,000 for the covenant.The amount of the excess of the purchase price over the identifiable assets was $100,000.What is the amount of the amortization deduction for
2019?

• A)$10,667.
• B)$16,000.
• C)$20,000.
• D)$32,667.
• E)None of these.

Recognize the functions and purposes of specific electronic intravenous devices.

Describe characteristics and management of specific intravenous catheters.

Understand Jung's concept of the realization of the self as the ultimate goal in life.

Knowledge of the availability and aspects of formal training in Jungian analysis.

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Definitions:

Manufacturing Overhead Applied

The allocation of estimated manufacturing overhead costs to individual units of production.

Raw Materials Used

The total cost of all raw materials that are converted into finished goods within a reporting period.

Job Order Cost System

An accounting system that assigns costs to specific production jobs or batches and is used in manufacturing businesses where each job is unique.

Direct Labor Cost

Expenses associated with the labor directly involved in the production of goods or services.