In Completing the Adjusting Entries for 2017 in Early 2018,the

question 104

Multiple Choice

In completing the adjusting entries for 2017 in early 2018,the internal auditor discovered that a patent,with an estimated eight year life that was registered in January,2017 had not been amortized.The patent cost $360,000.The income tax rate is 40%.What is the journal entry to correct the error?

• A) Retained Earnings 45,000
• B) Income Taxes Receivable 18,000 Retained Earnings 63,000
• C) Income Taxes Payable 18,000 Retained Earnings 27,000
• D) Patent 45,000

---

Definitions:

Conditioned Stimulus

A previously neutral stimulus that, after becoming associated with an unconditioned stimulus, now elicits a conditioned response.

Classical Conditioning

A learning process that occurs through associations between an environmental stimulus and a naturally occurring stimulus, leading to learned responses.

Biological Needs

are the essential physiological requirements humans need to maintain life, such as food, water, shelter, and oxygen.

Timing

The selection, determination, or arrangement of specific times for events or actions.