The opportunity cost of a college degree includes the a. goods that a student cannot purchase because of spending on books and tuition and the foregone income that could have been earned while in college. b. the cost of college, the foregone income while in college, and the inability to go to another college. c. the costs of food, housing, books, tuition that a student could have purchased. d. goods that a student cannot purchase because of spending on books, tuition, food, and housing and the foregone income that could have been earned while in college.

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.