Business, 01.11.2019 04:31 nickthequick

Clement corp., a pharmaceutical manufacturer, licensed a drug patent to global corp. for royalties of 5% of drug sales. royalties are payable twice yearly on april 15 for sales from july through december of the previous year and on october 15 for january – june same-year sales. in year 8, global paid royalties of $20,000 and $25,000 on april 15 and october 15, respectively. in response to global’s estimate of july – december sales of the drug, clement correctly recognized $43,000 in royalty revenue in its financial statements dated december 31, year 8. what was global’s sales estimate for the second half of year 8? a. $360,000 b. $400,000 c. $500,000 d. cannot be determined from information given.

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