Wriglee, Inc. went to court this year and successfully defended its patent from infringe-ment by a competitor. The cost of this defense should be charged to
a. patents and amortized over the legal life of the patent.
b. legal fees and amortized over 5 years or less.
c. expenses of the period.
d. patents and amortized over the remaining useful life of the patent.
Answer: d. patents and amortized over the remaining useful life of the patent.
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The current market value of a property is $255,000, and it is assessed at 35 percent of its current market value with an equalization factor of 1.25. What is the amount of real estate tax due if the tax rate is $3.50 per $100 of assessed value?
A) $2,756.25 B) $3,445.31 C) $3,904.69 D) $4,880.26
GATS differs from NAFTA in that GATS _______
A. specifically defines four basic modes of supply B. does not allow its members to make their sector list restrictive C. does not grant non-members the right to be free from performance requirements D. does not deal with services generally, but rather by sectors.