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Brief Exercise 12-9 Metlock Industries had one patent recorded on its books as of January 1,...
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...
Windsor Industries had one patent recorded on its books as of January 1, 2020. This patent...
Windsor Industries had one patent recorded on its books as of January 1, 2020. This patent had a book value of $355,200 and a remaining useful life of 8 years. During 2020, Windsor incurred research and development costs of $93,000 and brought a patent infringement suit against a competitor. On December 1, 2020, Windsor received the good news that its patent was valid and that its competitor could not use the process Windsor had patented. The company incurred$102,000 to defend...
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...
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...
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...
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...
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...
Martinez Laboratories holds a valuable patent (No. 758-6002-1A) on a precipitator that prevents certain types of...
Martinez Laboratories holds a valuable patent (No. 758-6002-1A) on a precipitator that prevents certain types of air pollution. Martinez 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 Martinez patent number 758-6002-1A is as follows. Date Activity Cost 2011–2012 Research conducted to develop precipitator $382,000 Jan. 2013...
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...
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...
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...
Windsor Industries had one patent recorded on its books as of January 1, 2020. This patent had a book value of $355,200 and a remaining useful life of 8 years. During 2020, Windsor incurred research and development costs of $93,000 and brought a patent infringement suit against a competitor. On December 1, 2020, Windsor received the good news that its patent was valid and that its competitor could not use the process Windsor had patented. The company incurred$102,000 to defend...
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...
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...
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...
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...
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