Homework Answers
| a. | The Entry for Purchase of Patent | ||
| Date | Journal Entries and Explanation | Debit | Credit |
| 31st Aug-2020 | Patent | $80,000 | |
| Cash | $80,000 |
| b. | The Entry for recording the Amortisation Expenses | ||
| Date | Journal Entries and Explanation | Debit | Credit |
| 31st Dec 2020 | Amortisation Expense | $2666.67 | |
| Patent | $2666.67 | ||
| (80,000/10 Years*4/12) |
Add Answer to:
Harrison Co. purchased a patent on August 31,2020, for $80,000 from a researcher. The patent has...
Brief Exercise 12-1 Monty Corporation purchases a patent from Sandhill Company on January 1, 2017, for...
Brief
Exercise 12-1 Monty Corporation purchases a patent from Sandhill
Company on January 1, 2017, for $55,000. The patent has a remaining
legal life of 12 years. Monty feels the patent will be useful for
10 years. Prepare Monty’s journal entries to record the purchase of
the patent and 2017 amortization. (Credit account titles are
automatically indented when amount is entered. Do not indent
manually. If no entry is required, select "No Entry" for the
account titles and enter 0...
On January 1, 2017, Nar Company purchased a patent for $350,000 from a medial researcher who...
On January 1, 2017, Nar Company purchased a patent for $350,000 from a medial researcher who had developed a new drug for preventing skin cancer. At the time of the purchase, the patent had a remaining useful life of 7 years. 1. Prepare the journal entry to record Nar's purchase of the patent. 2. Prepare the journal entry to record amortization of the patent on December 31, 2017. 3. At the end of 2020, after amortization had been recorded through...
On January 1, 2017, Nar Company purchased a patent for $350,000 from a medial researcher who...
On January 1, 2017, Nar Company purchased a patent for $350,000 from a medial researcher who had developed a new drug for preventing skin cancer. At the time of the purchase, the patent had a remaining useful life of 7 years. 1. Prepare the journal entry to record Nar's purchase of the patent. 2. Prepare the journal entry to record amortization of the patent on December 31, 2017. 3. At the end of 2020, after amortization had been recorded through...
Brief Exercise 12-2 Flounder Corporation purchases a patent from Pharoah Company on January 1, 2017, for...
Brief Exercise 12-2 Flounder Corporation purchases a patent from Pharoah Company on January 1, 2017, for $80,000. The patent has a remaining legal life of 16 years. Flounder feels the patent will be useful for 10 years. Assume that at January 1, 2019, the carrying amount of the patent on Flounder's books is $64,000. In January, Flounder spends $32,800 successfully defending a patent suit. Flounder still feels the patent will be useful until the end of 2026. Prepare the journal...
Brief Exercise 12-1 Pronghorn Corporation purchases a patent from Crane Company on January 1, 2017, for...
Brief Exercise 12-1 Pronghorn Corporation purchases a patent from Crane Company on January 1, 2017, for $50,000. The patent has a remaining legal life of 15 years. Pronghorn feels the patent will be useful for 10 years. Prepare Pronghorn's journal entries to record the purchase of the patent and 2017 amortization. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter 0...
the purchase or the potent by Beckham Inc. da PLO2 In January 2020, Ford Co, purchased...
the purchase or the potent by Beckham Inc. da PLO2 In January 2020, Ford Co, purchased a patent from a research institution for $250,000. The patent was estimated to have a useful life of 15 years. In December 2021, Ford Co. defended the patent in legal proceedings and suc cessfully retained rights of ownership of the patent. The estimated life of the patent did not change from its origi- nal estimate Legal expenses were $20,000. Determine the carrying value of...
On January 1, 2021, The Donut Stop purchased a patent for $82,000. At that time, the...
On January 1, 2021, The Donut Stop purchased a patent for $82,000. At that time, the remaining legal life was 15 years, but the company estimated the patent would be useful for only five more years. In late December 2022, the company incurred legal fees of $34,000 in successfully defending the patent in an infringement suit. The successful defense did not change the company's estimate of the patent’s useful life. The Donut Stop's year-end is December 31. 1. Record the...
Brief Exercise 12-2 Your answer is partially correct. Try again Sarasota Corporation purchases a patent from...
Brief Exercise 12-2 Your answer is partially correct. Try again Sarasota Corporation purchases a patent from Ivanhoe Company on January 1, 2017 for $72,000. The patent has a remaining legal lide of 16 years. Sarasota feels the patent will be useful for 10 years. Assume that at January 1, 2019, the carrying amount of the patent on Sarasota's books is 557,600. In January, Sarasota spends $32.300 successfully defending patent suit. Sarasota still feels the patient will be useful until the...
Culver Corporation purchases a patent from Sunland Company on January 1, 2020, for $78,000. The patent...
Culver Corporation purchases a patent from Sunland Company on January 1, 2020, for $78,000. The patent has a remaining legal life of 16 years. Culver feels the patent will be useful for 10 years. Assume that at January 1, 2022, the carrying amount of the patent on Culver’s books is $62,400. In January, Culver spends $25,600 successfully defending a patent suit. Culver still feels the patent will be useful until the end of 2029. Prepare the journal entries to record...
Novak Corporation purchases a patent from Wildhorse Company on January 1, 2020, for $69,000. The patent...
Novak Corporation purchases a patent from Wildhorse Company on January 1, 2020, for $69,000. The patent has a remaining legal life of 16 years. Novak feels the patent will be useful for 10 years. Assume that at January 1, 2022, the carrying amount of the patent on Novak’s books is $55,200. In January, Novak spends $26,400 successfully defending a patent suit. Novak still feels the patent will be useful until the end of 2029. Prepare the journal entries to record...
Brief
Exercise 12-1 Monty Corporation purchases a patent from Sandhill
Company on January 1, 2017, for $55,000. The patent has a remaining
legal life of 12 years. Monty feels the patent will be useful for
10 years. Prepare Monty’s journal entries to record the purchase of
the patent and 2017 amortization. (Credit account titles are
automatically indented when amount is entered. Do not indent
manually. If no entry is required, select "No Entry" for the
account titles and enter 0...
On January 1, 2017, Nar Company purchased a patent for $350,000 from a medial researcher who had developed a new drug for preventing skin cancer. At the time of the purchase, the patent had a remaining useful life of 7 years. 1. Prepare the journal entry to record Nar's purchase of the patent. 2. Prepare the journal entry to record amortization of the patent on December 31, 2017. 3. At the end of 2020, after amortization had been recorded through...
On January 1, 2017, Nar Company purchased a patent for $350,000 from a medial researcher who had developed a new drug for preventing skin cancer. At the time of the purchase, the patent had a remaining useful life of 7 years. 1. Prepare the journal entry to record Nar's purchase of the patent. 2. Prepare the journal entry to record amortization of the patent on December 31, 2017. 3. At the end of 2020, after amortization had been recorded through...
Brief Exercise 12-2 Flounder Corporation purchases a patent from Pharoah Company on January 1, 2017, for $80,000. The patent has a remaining legal life of 16 years. Flounder feels the patent will be useful for 10 years. Assume that at January 1, 2019, the carrying amount of the patent on Flounder's books is $64,000. In January, Flounder spends $32,800 successfully defending a patent suit. Flounder still feels the patent will be useful until the end of 2026. Prepare the journal...
Brief Exercise 12-1 Pronghorn Corporation purchases a patent from Crane Company on January 1, 2017, for $50,000. The patent has a remaining legal life of 15 years. Pronghorn feels the patent will be useful for 10 years. Prepare Pronghorn's journal entries to record the purchase of the patent and 2017 amortization. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter 0...
the purchase or the potent by Beckham Inc. da PLO2 In January 2020, Ford Co, purchased a patent from a research institution for $250,000. The patent was estimated to have a useful life of 15 years. In December 2021, Ford Co. defended the patent in legal proceedings and suc cessfully retained rights of ownership of the patent. The estimated life of the patent did not change from its origi- nal estimate Legal expenses were $20,000. Determine the carrying value of...
Brief Exercise 12-2 Your answer is partially correct. Try again Sarasota Corporation purchases a patent from Ivanhoe Company on January 1, 2017 for $72,000. The patent has a remaining legal lide of 16 years. Sarasota feels the patent will be useful for 10 years. Assume that at January 1, 2019, the carrying amount of the patent on Sarasota's books is 557,600. In January, Sarasota spends $32.300 successfully defending patent suit. Sarasota still feels the patient will be useful until the...
Most questions answered within 3 hours.
-
Suppose that on a temperature scale X, water boils at 203.0°X
and freezes at -105.7°X. What...
asked 34 minutes ago -
BaS crystallizes in a cubic unit cell with S2- ions on each
corner and each face....
asked 1 hour ago -
A. 0≤P(Oi)≤10≤P(Oi)≤1 for each i
B. P(Oi)≤0P(Oi)≤0
C. P(Oi)=1+P(OCi)P(Oi)=1+P(OiC)
D. P(Oi)≥1P(Oi)≥1
If an experiment consists of...
asked 2 hours ago -
A battery has an emf of 9.20V and an internal resistance of 1.20
ohm. a)What resistance...
asked 2 hours ago -
The area of an elastic circular loop decreases at a constant
rate, dA/dt = −6.60×10−3 m2/s...
asked 3 hours ago -
The denaturation of proteins can be described by the
equilibrium
F⇌U
where F and U represent...
asked 5 hours ago -
Please answer what the maximum and minimum force is, and the
angle on the ion is...
asked 5 hours ago -
implement a program that reads a number of rows and a symbol.
The program will draw...
asked 5 hours ago -
Assume that when adults with smartphones are randomly selected,
45% use them in meetings or classes....
asked 5 hours ago -
Determine the number of formula units of
Na2SO4 and moles of oxygen contained in 8.11
moles...
asked 5 hours ago -
Explain in steps on the following code
What would be the output when executed
using System;...
asked 5 hours ago -
Given the information in the table, which of the following
statements is CORRECT?
Stock A
Stock...
asked 5 hours ago