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What is the balance in the patent account on the

Question - Richardson acquired 100 percent of Smith Corporation at Jan 1, 2005. At that date the patent controlled by each company had the following book value, appraised value and estimated remaining economic life.

Richardson Smith

Book Market Life Book Market Life

56,000 84,000 7 years 25,000 35,000 5 years

What is the balance in the patent account on the consolidated balance sheet at December 31 2005.

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Accounting Basics: What is the balance in the patent account on the

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