On january 1 2012 brendan inc. reports net assets of 849650, Ask an Expert

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On January 1, 2012, Brendan, Inc., reports net assets of $849,650 although equipment (with a four-year life) having a book value of $464,000 is worth $544,750 and an unrecorded patent is valued at $46,900. Hope Corporation pays $781,840 on that date for an 80 percent ownership in Brendan. If the patent is to be written off over a 10-year period, at what amount should it be reported on consolidated statements at December 31, 2013?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M946865

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