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Windsor Industries had one patent recorded on its books as of January 1, 2020. This patent...
Metlock Industries had one patent recorded on its books as of January 1, 2020. This patent...
Metlock Industries had one patent recorded on its books as of January 1, 2020. This patent had a book value of $441,600 and a remaining useful life of 8 years. During 2020, Metlock incurred research and development costs of $95,000 and brought a patent infringement suit against a competitor. On December 1, 2020, Metlock received the good news that its patent was valid and that its competitor could not use the process Metlock had patented. The company incurred $102,000 to...
Splish Brothers Industries had one patent recorded on its books as of January 1, 2020. This...
Splish Brothers Industries had one patent recorded on its books as of January 1, 2020. This patent had a book value of $403,200 and a remaining useful life of 8 years. During 2020, Splish Brothers incurred research and development costs of $95,000 and brought a patent infringement suit against a competitor. On December 1, 2020, Splish Brothers received the good news that its patent was valid and that its competitor could not use the process Splish Brothers had patented. The...
Brief Exercise 12-9 Metlock Industries had one patent recorded on its books as of January 1,...
Brief Exercise 12-9 Metlock Industries had one patent recorded on its books as of January 1, 2017. This patent had a book value of $441,600 and a remaining useful life of 8 years. During 2017, Metlock incurred research and development costs of $95,000 and brought a patent infringement suit against a competitor. On December 1, 2017, Metlock received the good news that its patent was valid and that its competitor could not use the process Metlock had patented. The company...
please complete in excel. Thank you. K16 D F M N O P o A B...
please complete in excel.
Thank you.
K16 D F M N O P o A B 1 Formula: Multiply, Divide, Subtract; Cell Referencing 2 3 BE12.9. Using Excel to Calculate the carrying Value of a Patent 4 PROBLEM 5 Nieland Industries had one patent recorded on its books as of January 6 1.2020. Additional information concerning this patent follows. 7 8 Book value, January 1, 2020 $ 288,000 Remaining useful life 8 years Student Work Area -BE12.9 Required: Provide input...
Windsor Industries has the following patents on its December 31, 2019, balance sheet. Patent Item Initial...
Windsor Industries has the following patents on its December 31, 2019, balance sheet. Patent Item Initial Cost Date Acquired Useful Life at Date Acquired Patent A $42,840 3/1/16 17 years Patent B $16,200 7/1/17 10 years Patent C $19,200 9/1/18 4 years The following events occurred during the year ended December 31, 2020. 1. Research and development costs of $240,000 were incurred during the year. 2. Patent D was purchased on July 1 for $47,652. This patent has a useful...
Current Attempt in Progress Pina Laboratories holds a valuable patent (No. 758-6002-1A) on a precipitator that...
Current Attempt in Progress Pina Laboratories holds a valuable patent (No. 758-6002-1A) on a precipitator that prevents certain types of air pollution. Pina does not manufacture or sell the products and processes it develops. Instead, it conducts research and develops products and processes which it patents, and then assigns the patents to manufacturers on a royalty basis. Occasionally it sells a patent. The history of Pina patent number 758-6002-1A is as follows. Date Activity Cost 2011-2012 Research conducted to develop...
Bramble Laboratories holds a valuable patent (No. 758-6002-1A) on a precipitator that prevents certain types of...
Bramble Laboratories holds a valuable patent (No. 758-6002-1A) on a precipitator that prevents certain types of air pollution. Bramble does not manufacture or sell the products and processes it develops. Instead, it conducts research and develops products and processes which it patents, and then assigns the patents to manufacturers on a royalty basis. Occasionally it sells a patent. The history of Bramble patent number 758-6002-1A is as follows. Date Activity Cost 2011–2012 Research conducted to develop precipitator $376,000 Jan. 2013...
Blue Laboratories holds a valuable patent (No. 758-6002-1A) on a precipitator that prevents certain types of...
Blue Laboratories holds a valuable patent (No. 758-6002-1A) on a precipitator that prevents certain types of air pollution. Blue does not manufacture or sell the products and processes it develops. Instead, it conducts research and develops products and processes which it patents, and then assigns the patents to manufacturers on a royalty basis. Occasionally it sells a patent. The history of Blue patent number 758-6002-1A is as follows. Date Activity Cost 2011–2012 Research conducted to develop precipitator $368,000 Jan. 2013...
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...
Metlock Industries had one patent recorded on its books as of January 1, 2020. This patent had a book value of $441,600 and a remaining useful life of 8 years. During 2020, Metlock incurred research and development costs of $95,000 and brought a patent infringement suit against a competitor. On December 1, 2020, Metlock received the good news that its patent was valid and that its competitor could not use the process Metlock had patented. The company incurred $102,000 to...
Splish Brothers Industries had one patent recorded on its books as of January 1, 2020. This patent had a book value of $403,200 and a remaining useful life of 8 years. During 2020, Splish Brothers incurred research and development costs of $95,000 and brought a patent infringement suit against a competitor. On December 1, 2020, Splish Brothers received the good news that its patent was valid and that its competitor could not use the process Splish Brothers had patented. The...
Brief Exercise 12-9 Metlock Industries had one patent recorded on its books as of January 1, 2017. This patent had a book value of $441,600 and a remaining useful life of 8 years. During 2017, Metlock incurred research and development costs of $95,000 and brought a patent infringement suit against a competitor. On December 1, 2017, Metlock received the good news that its patent was valid and that its competitor could not use the process Metlock had patented. The company...
please complete in excel.
Thank you.
K16 D F M N O P o A B 1 Formula: Multiply, Divide, Subtract; Cell Referencing 2 3 BE12.9. Using Excel to Calculate the carrying Value of a Patent 4 PROBLEM 5 Nieland Industries had one patent recorded on its books as of January 6 1.2020. Additional information concerning this patent follows. 7 8 Book value, January 1, 2020 $ 288,000 Remaining useful life 8 years Student Work Area -BE12.9 Required: Provide input...
Current Attempt in Progress Pina Laboratories holds a valuable patent (No. 758-6002-1A) on a precipitator that prevents certain types of air pollution. Pina does not manufacture or sell the products and processes it develops. Instead, it conducts research and develops products and processes which it patents, and then assigns the patents to manufacturers on a royalty basis. Occasionally it sells a patent. The history of Pina patent number 758-6002-1A is as follows. Date Activity Cost 2011-2012 Research conducted to develop...
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