5. Jorge purchased a copyright for use in his business in the current year. The...
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Accounting
5. Jorge purchased a copyright for use in his business in the current year. The purchase occurred on July 15th and the purchase price was $67,500. If the patent has a remaining life of 75 months, what is the total amortization expense Jorge may deduct during the current year?
MULTIPLE CHOICE
$0
$4,950
$5,400
$10,800
none of the choices
8. Butte sold a machine to a machine dealer for $51,500. Butte bought the machine for $53,500 several years ago and has claimed $11,750 of depreciation expense on the machine. What is the amount and character of Butte's gain or loss?
MULTIPLE CHOICE
$9,750 1231 loss.
$2,000 1231 loss.
$9,750 ordinary gain.
$9,750 capital gain.
none of the choices are correct
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