Homework Answers
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The amortization period for a patent is the lower of A) 20 years or B) useful life of the patent. Comment if you face any issues |
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The amortization period for a patent is... Select one o a indefinite; patents should be reviewed...
Impaired Goodwill and Amortization of Patent On April 1, a patent with an estimated useful economic...
Impaired Goodwill and Amortization of Patent On April 1, a patent with an estimated useful economic life of 12 years was acquired for $43,200. In addition, on December 31, it was estimated that goodwill of $45,500 was impaired. a. Record the acquisition of patent. If an amount box does not require an entry, leave it blank. Patents April 1 43,200 0 Cash 43,200 Feedback Check My Work Recall that goodwill is not amortized because its useful life is indefinite. b....
Larkspur Industries has the following patents on its December 31, 2019, balance sheet. Patent Item Initial...
Larkspur 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 $45,492 3/1/16 17 years Patent B $17,760 7/1/17 10 years Patent C $25,440 9/1/18 4 years The following events occurred during the year ended December 31, 2020. 1. Research and development costs of $253,000 were incurred during the year. 2. Patent D was purchased on July 1 for $43,092. This patent has a useful...
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...
Marin Industries has the following patents on its December 31, 2019, balance sheet. Patent Item Initial...
Marin 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 $45,696 3/1/16 17 years Patent B $17,880 7/1/17 10 years Patent C $25,920 9/1/18 4 years The following events occurred during the year ended December 31, 2020. 1. Research and development costs of $254,000 were incurred during the year. 2. Patent D was purchased on July 1 for $29,184. This patent has a useful...
Marin Industries has the following patents on its December 31, 2019, balance sheet. Patent Item Initial...
Marin 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 $45,696 3/1/16 17 years Patent B $17,880 7/1/17 10 years Patent C $25,920 9/1/18 4 years The following events occurred during the year ended December 31, 2020. 1. Research and development costs of $254,000 were incurred during the year. 2. Patent D was purchased on July 1 for $29,184. This patent has a useful...
Tamarisk Industries has the following patents on its December 31, 2019, balance sheet. Patent Item Initial...
Tamarisk 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 $44,676 3/1/16 17 years Patent B $17,280 7/1/17 10 years Patent C $23,520 9/1/18 4 years The following events occurred during the year ended December 31, 2020. 1. Research and development costs of $249,000 were incurred during the year. 2. Patent D was purchased on July 1 for $46,512. This patent has a useful...
Print Item Calculator Show Me How еВоок Impaired Goodwill and Amortization of Patent On December 31,...
Print Item Calculator Show Me How еВоок Impaired Goodwill and Amortization of Patent On December 31, it was estimated that goodwill of $30,000 was impaired. In addition, a patent with an estimated useful economic life of 12 years was acquired for $115,200 on April 1. a. Journalize the adjusting entry on December 31 for the impaired goodwill. Loss from Impaired Goodwill Deс. 31 Goodwill Feedbad TOhedk My Wo Recall that goodwill is not amortized because its useful life is indefinite...
Requirement 1. Make journal entries to record (a) the purchase of the patent and (b) amortization for year 1. (Record d...
Requirement 1. Make journal entries to record (a) the purchase of the patent and (b) amortization for year 1. (Record debits first, then credits. Exclude explanations from any journal entries.) Start by recording (a) the purchase of the patent Journal Entry Date Accounts Debit Credit Patents Cash Record (b) the amortization of the patent for year 1 Journal Entry Date Accounts Debit Credit Amortization Expense-Patents Patents Requirement 2. Once Murley learned of the competing printer and adjusted the expected future...
Harrison Co. purchased a patent on August 31,2020, for $80,000 from a researcher. The patent has...
Harrison Co. purchased a patent on August 31,2020, for $80,000 from a researcher. The patent has a legal life of Brief Exercise 13-2 20 years, but the estimated useful life of the patent is 10 years with no expected residual value. a. Record the entry for the purchase of the patent on August 31, 2020. b. Record the entry to record the amortization of the patent on December 31, 2020. Recording the Purchas and Amortization of Patents L02 Hint: See...
Larkspur Industries has the following patents on its December 31, 2019, balance sheet. Patent Item Initial...
Larkspur 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 $41,004 3/1/16 17 years Patent B $15,120 7/1/17 10 years Patent $14,880 9/1/18 4 years The following events occurred during the year ended December 31, 2020. 1. Research and development costs of $231.000 were incurred during the year. 2. Patent D was purchased on July 1 for $41,496. This patent has a useful life...
Impaired Goodwill and Amortization of Patent On April 1, a patent with an estimated useful economic life of 12 years was acquired for $43,200. In addition, on December 31, it was estimated that goodwill of $45,500 was impaired. a. Record the acquisition of patent. If an amount box does not require an entry, leave it blank. Patents April 1 43,200 0 Cash 43,200 Feedback Check My Work Recall that goodwill is not amortized because its useful life is indefinite. b....
Print Item Calculator Show Me How еВоок Impaired Goodwill and Amortization of Patent On December 31, it was estimated that goodwill of $30,000 was impaired. In addition, a patent with an estimated useful economic life of 12 years was acquired for $115,200 on April 1. a. Journalize the adjusting entry on December 31 for the impaired goodwill. Loss from Impaired Goodwill Deс. 31 Goodwill Feedbad TOhedk My Wo Recall that goodwill is not amortized because its useful life is indefinite...
Requirement 1. Make journal entries to record (a) the purchase of the patent and (b) amortization for year 1. (Record debits first, then credits. Exclude explanations from any journal entries.) Start by recording (a) the purchase of the patent Journal Entry Date Accounts Debit Credit Patents Cash Record (b) the amortization of the patent for year 1 Journal Entry Date Accounts Debit Credit Amortization Expense-Patents Patents Requirement 2. Once Murley learned of the competing printer and adjusted the expected future...
Harrison Co. purchased a patent on August 31,2020, for $80,000 from a researcher. The patent has a legal life of Brief Exercise 13-2 20 years, but the estimated useful life of the patent is 10 years with no expected residual value. a. Record the entry for the purchase of the patent on August 31, 2020. b. Record the entry to record the amortization of the patent on December 31, 2020. Recording the Purchas and Amortization of Patents L02 Hint: See...
Larkspur 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 $41,004 3/1/16 17 years Patent B $15,120 7/1/17 10 years Patent $14,880 9/1/18 4 years The following events occurred during the year ended December 31, 2020. 1. Research and development costs of $231.000 were incurred during the year. 2. Patent D was purchased on July 1 for $41,496. This patent has a useful life...
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