Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on september 30,2024, a company acquired a patent.

On September 30,2024, a company acquired a patent. The agreement specified that the company will...

80.2K

Verified Solution

Question

Accounting

On September 30,2024, a company acquired a patent. The agreement specified that the company will pay $1,325,000 immediately and then another $1,325,000 on September 30,2026. An interest rate of 9% reflects the time value of money for this type of loan agreement. (PV of $1, PVA of $1)
The company should record the acquisition of the patent on September 30,2024, for what amount?
Multiple Choice
$2,582,886
$2,297,564
$2,440,226
$2,495,271

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Civil Engineering
1.2K views

You are a project manager. Attached you have a project definition provided by a Project Owner....

Medical Sciences
1.2K views

2. Discuss one of the formed elements of blood (RBC, WBC, or PLT); the different parts...

Physics
1.2K views

A 1,000-kg car moving east at 90 km/h collides head-on with a 1,500-kg car moving west...

Biology
1.2K views

One of the following fixatives is good for lipid fixation O a Acetic acid O...

Geometry
1.2K views

9 An angle bisector of a triangle divides the opposite side of the triangle into...

Basic Math
1.2K views

3 3 points Determine the measure of ze to the nearest degree 8 1 9...

Statistics
1.2K views

An article titled The More Pets You Meet as a Baby the Lower Your Risk...

Accounting
1.2K views

Whispering Winds Corporation manufactures mountain bikes. It has fixed costs of $ 4,636,800. Whispering Windss...

Accounting
1.2K views

Cash basis. Revenue on the income statement was $140,800. Accounts receivable were $3,500 on January...

Accounting
1.2K views

CakeCo, Incorporated has three operating departments. Information about these departments is listed below. Maintenin on...

Finance
1.2K views

1. Suppose a firm, that has a WACC of 11.8%, has expected free cash flows...

Accounting
1.2K views

QUESTION 10 A credit will increase , but decrease accounts receivable; expenses Ob. common stock;...