On January 1 of the Current Year,Dentux Corp

question 74

Multiple Choice

On January 1 of the current year,Dentux Corp.purchases a patent from another corporation for $600,000.The patent has a remaining life of 10 years.The patent is the only asset purchased from that corporation.Also on January 1,Dentux purchases all of the assets of Fenton Corp.Included in the Fenton assets acquired is a patent worth $300,000 that has a 10-year remaining life.What is the allowable amortization deduction on the two patents?

• A)$60,000
• B)$90,000
• C)$80,000
• D)$160,000

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Definitions:

Milgram

Refers to Stanley Milgram, an American social psychologist best known for his controversial experiments on obedience to authority figures.

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Feeling of discontent or injustice experienced when comparing oneself to others in worse conditions.

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Organized collective efforts by people to bring about social change or to resist it.

Collectives

Assemblies or groups of people united by common goals, interests, or identities, working collaboratively to achieve collective objectives.