Homework Answers
| Date | Account Titles and Explanation | Debit | Credit | |
| July 1, 2020 | Patent | $40,000 | (4,000 shares x $10) | |
| Common Stock | $4,000 | (4,000 shares x $1) | ||
| Paid-in Capital Excess of Par Value, Common Stock | $36,000 | Balance | ||
| (To record purchas eof patent inechange of common stock) | ||||
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On July 1, 2020, Beckham Inc. purchased a patent from a research firm by issuing 4,000...
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12-6
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On January 1, 2020, Century Inc. purchased from an inventor a patent with a list price of $110,000. Century paid for the patent as follows: cash, $40,000; issuance of 1,000 shares of its own common stock, par $10 (fair value, $20 per share); and a note payable due at the end of three years, face amount, $50,000, noninterest-bearing. The current interest rate for this type of financing is 12%. Required Record Century Inc.'s entry for the purchase of the patent.
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12-6
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