Pat Co has purchased a patent for $20,000. The patent gives the company sole use of a particular manufacturing process which will save $3,000 a year for the next five years. (b) Baldwin Co paid Don Brennan $10,000 to set up a car repair shop, on condition that priority treatment is given to cars from the company's fleet. (c) Deals on Wheels Co provides a warranty with every car sold.
do we have an asset or liability within the definitions given by the Conceptual Framework? Give reasons for your answer
