Charles has decided to open a lawn-mowing company. to do so, he purchases mowing equipment for $6,000, buys gasoline ($1.80 in gas is required to mow each yard), and pays a $20.00 per yard. prior to opening the lawn company, charles earned $3,000 as a lifeguard at the neighborhood swimming pool. assume the money he used to purchase the mowing equipment could otherwise have earned 3 percent per year in the bank and that the mowing equipment depreciates at 20 percent per year. charles plans to mow 500 yards per year. what is charles's implicit cost of production per year?

Due to rapid employee turnover in the accounting department, the following transactions involving intangible assets were improperly recorded by bridgeport corporation. 1. bridgeport developed a new manufacturing process, incurring research and development costs of $195,600. the company also purchased a patent for $45,200. in early january, bridgeport capitalized $240,800 as the cost of the patents. patent amortization expense of $12,040 was recorded based on a 20-year useful life. 2. on july 1, 2017, bridgeport purchased a small company and as a result recorded goodwill of $52,000. bridgeport recorded a half-year’s amortization in 2017, based on a 20-year life ($1,300 amortization). the goodwill has an indefinite life. prepare all journal entries necessary to correct any errors made during 2017. assume the books have not yet been closed for 2017.