On July 1 2018 Graunke Company Purchased a Patent from Chimney

question 170

Multiple Choice

On July 1 2018 Graunke Company purchased a patent from Chimney Rock Company for $8000000.It was estimated that the patent has a remaining useful life of 4 years.On July 1 2022 Graunke retired the asset.Use the following tabular analysis to make the adjustment for retirement assuming that the cost has been fully amortized.

• A)Increase Expenses and decrease Patents $2000000.
• B)Decrease Patents and increase Expenses $1000000
• C)Increase Revenues and decrease Patents $8000000.
• D)The Patent account would have a zero balance so no entry would be needed.

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Definitions:

Social Deviance

Behaviors or actions that violate the norms and expectations of a society or group.

Social Deviations

Are noncriminal departures from norms that are nonetheless subject to official control. Some members of the public regard them as being in some ways harmful, while other members of the public do not.

Sociological Definition

An explanation of a concept, phenomenon, or term from the perspective of sociology, which examines human society and social behavior.

Deviance

Behaviors or actions that violate societal norms, values, or standards, often leading to social disapproval or sanctions.