Bricktown Exchange purchases a copyright for $50,000. The co…

Bricktown Exchange purchases a copyright for $50,000. The copyright has a remaining legal life of 25 years, but only an expected useful life of five years with no residual value. Assume the company uses the straight-line method to report amortization. What is the amortization expense for the first year?

A company incurred the following costs associated with the p…

A company incurred the following costs associated with the purchase of a piece of land that it will use to re-build an office building: Purchase price of the land $ 400,000 Sale of salvaged parts already on land 20,000 Demolition of the old building 30,000 Ground-breaking ceremony (food and supplies)    1,500 Land preparation and leveling 7,500 What is the total capitalized cost of the land?