Answer the question in bold i. Vargo had an average of 325,000...
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Answer the question in bold
i. Vargo had an average of 325,000 shares of common stock outstanding. Vargo has no preferred stock. 1. Vargo obtained a patent on 3/1/14 for $96.000 with a legal life remaining of 14 years that was estimated to have a useful life of 12 years. The future cash flows from the patent are estimated to be $44,000 as of 12/31/19 and the fair value is estimated to be $37.000. Make any entries necessary for the patent during 2019. k. Vargo had an unrealized $39.000 gain on marketable securities and a $14,000 loss on translation adjustments from converting the financial statements of a foreign subsidiary to US dollars
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