Lovejoy Co

question 15

Multiple Choice

Lovejoy Co.purchased a patent on January 1,2011,for $714,000.The patent was being amortized over its remaining legal life of 15 years expiring on January 1,2026.During 2014,Lovejoy determined that the economic benefits of the patent would not last longer than 10 years from the date of acquisition.What amount should be charged to patent amortization expense for the year ended December 31,2014?

• A) $47,600
• B) $71,400
• C) $81,600
• D) $142,800

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Definitions:

Send Backward

A command used in graphic software to move a selected object behind another object.

Stacking Order

The sequence or arrangement of objects on a digital canvas, determining which objects are in front of or behind others.

Stacking Order

The sequence or arrangement of objects or elements in layers, determining which is in front, behind, or between others in a design or document.

Bring Forward

A function in graphic design and document creation software that moves a selected object a layer closer to the front.