In january of 2018, the phillips company purchased a patent at a cost of $100,000. in addition, $10,000 in legal fees were paid to acquire the patent. the company estimated a 10-year useful life for the patent and uses the straight-line amortization method for intangible assets. in 2020, phillips spent $25,000 in legal fees for an unsuccessful defense of the patent. the amount charged to income (expense and loss) in 2018 related to the patent should be:

Social computing forces companies to deal with customers as opposed to

Sonic corp. manufactures ski and snowboarding equipment. it has estimated that this year there will be substantial growth in its sales during the winter months. it approaches the bank for credit. what is the purpose of such credit known as? a. expansion b. inventory building c. debt management d. emergency maintenance

Oerstman, inc. uses a standard costing system and develops its overhead rates from the current annual budget.the budget is based on an expected annual output of 120,000 units requiring 480,000 direct labor hours.(practical capacity is 500,000 hours)annual budgeted overhead costs total $772,800, of which $556,800 is fixed overhead.a total of 119,300 units, using 478,000 direct labor hours, were produced during the year.actual variable overhead costs for the year were $260,400 and actual fixed overhead costs were $555,450.required: 1. compute the fixed overhead spending variance and indicate if favorable or unfavorable.2. compute the fixed overhead volume variance and indicate if favorable or unfavorable.