ACC 304 Course Great Wisdom / tutorialrank.com ACC 304 Course Great Wisdom / tutorialrank.com | Page 36

per share (c) $ Book value per share of common stock per share (d) Payout ratio of common stock % (e) Return on common stock equity % 4) Sisco Co. purchased a patent from Thornton Co. for $620,000 on July 1, 2012. Expenditures of $119,000 for successful litigation in defense of the patent were paid on July 1, 2015. Sisco estimates that the useful life of the patent will be 20 years from the date of acquisition.