On January 1, Year 1, the Vanguard Company purchased a copyright for $12,000. Va

Question

On January 1, Year 1, the Vanguard Company purchased a copyright for $12,000. Vanguard estimated the remaining useful life of the copyright to be 6 years.

Which of the following correctly shows the effect of the first year's amortization of Vanguard's copyright?

Multiple Choice

Option A

Option B

Option C

Option D

Assets = Liabilities + Equity Revenue ? Expenses = Net Inc. Cash Flow A. + = NA + + NA ? + = ? + OA B. ? = NA + ? NA ? + = ? NA C. NA = + + ? ? ? NA = ? NA D. ? = NA + ? NA ? + = ? ? OA

Explanation / Answer

Assets = Liabilities + Equity Revenue ? Expenses = Net Inc. Cash Flow B. ? = NA + ? NA ? + = ? NA Option B is correct

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