Homework Answers
| ASU corporation | |||
| Answer 1 | |||
| Jan. 1, 2019 | Patent | 80000 | |
| Cash | 80000 | ||
| Dec.31, 2019 | Patent amortisation exp. | 8000 | |
| Patent ( 80000 / 10 ) | 8000 | ||
| Answer 2 | |||
| Jan. 1, 2019 | research and development exp. | 600000 | |
| Cash | 600000 | ||
| Dec.31, 2019 | No entry needed | ||
| Answer 3 | |||
| Jan. 1, 2019 | Patent | 150000 | |
| Cash | 150000 | ||
| Dec.31, 2019 | Patent amortisation exp. | 30000 | |
| Patent ( 150000 / 5 ) | 30000 | ||
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Section E: Intangible Assets The following transactions of ASU Corporation occurred at January 1, 2019. Prepare...
LOA.5) P9-7A The intangible assets section of Sappelt Company at December 31, 2019, is presented below....
LOA.5) P9-7A The intangible assets section of Sappelt Company at December 31, 2019, is presented below. Patents ($70,000 cost less $7,000 amortization) Franchises ($48,000 cost less $19,200 amortization) 28,800 $63,000 Total $91,800 The patent was acquired in January 2019 and has a useful life of 10 years. The franchise was acquired in January 2016 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2020. Paid $27,00o legal costs to successfully...
Please show work Send to Gradebook < Prev Next > Question 1 --/1 View Policies Current Attempt in Progress The fol...
Please show work
Send to Gradebook < Prev Next > Question 1 --/1 View Policies Current Attempt in Progress The following transactions involving intangible assets of Minton Corporation occurred on or near December 31, 2017. 1. Minton paid Grand Company $400,000 for the exclusive right to market a particular product, using the Grand name and logo in promotional material. The franchise runs for as long as Minton is in business. 2. Minton spent $600,000 developing a new manufacturing process. It...
P9.7 (LO 4,5) The intangible assets section of Glover Restaurants at December 31, 2019. is presented...
P9.7 (LO 4, 5) The intangible assets section of Glover Restaurants at December 31, 2019, is presented below.Patents (£ 60,000 cost less £ 6,000 amortization) £54,000Franchises (£ 48,000 cost less £ 19,200 amortization) 28,800Total £82,800The patent was acquired in January 2019 and has a useful life of 10 years. The franchise was acquired in January 2016 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2020.Jan. 2 Paid £ 45,000 legal costs...
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...
On January 1, 2021, Weaver Corporation purchased a patent for $225,000. The remaining legal life is...
On January 1, 2021, Weaver Corporation purchased a patent for $225,000. The remaining legal life is 20 years, but the company estimates the patent will be useful for only six more years. In January 2023, the company incurred legal fees of $45,000 in successfully defending a patent infringement suit. The successful defense did not change the company’s estimate of useful life. Weaver Corporation’s year-end is December 31. What is the balance in the Patent account at the end of 2023?
The intangible assets section of Sheffield Company at December 31, 2020, is presented below. Patents ($75,000...
The intangible assets section of Sheffield Company at December 31, 2020, is presented below. Patents ($75,000 cost less $7,500 amortization) Franchises ($49,000 cost less $19,600 amortization) $67,500 29,400 $96,900 Total The patent was acquired in January 2020 and has a useful life of 10 years. The franchise was acquired in January 2017 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2021. Jan. 2 Paid $18,000 legal costs to successfully...
PLEASE HELP AS SOON AS POSSIBLE The intangible assets section of Sheffield Corporation's balance sheet at...
PLEASE HELP AS SOON AS
POSSIBLE
The intangible assets section of Sheffield Corporation's balance sheet at December 31, 2017, is presented here. Patents ($88,900 cost less $8,890 amortization) $80,010 Copyrights ($36,500 cost less $25,550 amortization) 10,950 Total $90,960 The patent was acquired in January 2017 and has a useful life of 10 years. The copyright was acquired in January 2011 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2018....
The intangible assets section of Blue Corporation’s balance sheet at December 31, 2022, is presented here....
The intangible assets section of Blue Corporation’s balance sheet at December 31, 2022, is presented here. Patents ($73,200 cost less $7,400 amortization) $65,800 Copyrights ($37,000 cost less $24,500 amortization) 12,500 Total $78,300 The patent was acquired in January 2022 and has a useful life of 10 years. The copyright was acquired in January 2016 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2023. Jan. 2 Paid $36,000 legal costs...
On January 2, 2018, David Corporation purchased a patent for $700,000. The remaining legal life is...
On January 2, 2018, David Corporation purchased a patent for $700,000. The remaining legal life is 12 years, but the company estimated that the patent will be useful only for eight years. In January 2020, the company incurred legal fees of $105,000 in successfully defending a patent infringement suit. The successful defense did not change the company’s estimate of useful life. Required: Prepare journal entries related to the patent for 2018, 2019, and 2020. (If no entry is required for...
The intangible assets section of Ayayai Corporation’s balance sheet at December 31, 2022, is presented here....
The intangible assets section of Ayayai Corporation’s balance
sheet at December 31, 2022, is presented here.
Patents ($70,000 cost less $6,000 amortization)
$64,000
Copyrights ($36,000 cost less $26,000 amortization)
10,000
Total
$74,000
The patent was acquired in January 2022 and has a useful life of 10
years. The copyright was acquired in January 2016 and also has a
useful life of 10 years. The following cash transactions may have
affected intangible assets during 2023.
Jan.
2
Paid $27,000 legal costs...
LOA.5) P9-7A The intangible assets section of Sappelt Company at December 31, 2019, is presented below. Patents ($70,000 cost less $7,000 amortization) Franchises ($48,000 cost less $19,200 amortization) 28,800 $63,000 Total $91,800 The patent was acquired in January 2019 and has a useful life of 10 years. The franchise was acquired in January 2016 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2020. Paid $27,00o legal costs to successfully...
Please show work
Send to Gradebook < Prev Next > Question 1 --/1 View Policies Current Attempt in Progress The following transactions involving intangible assets of Minton Corporation occurred on or near December 31, 2017. 1. Minton paid Grand Company $400,000 for the exclusive right to market a particular product, using the Grand name and logo in promotional material. The franchise runs for as long as Minton is in business. 2. Minton spent $600,000 developing a new manufacturing process. It...
The intangible assets section of Sheffield Company at December 31, 2020, is presented below. Patents ($75,000 cost less $7,500 amortization) Franchises ($49,000 cost less $19,600 amortization) $67,500 29,400 $96,900 Total The patent was acquired in January 2020 and has a useful life of 10 years. The franchise was acquired in January 2017 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2021. Jan. 2 Paid $18,000 legal costs to successfully...
PLEASE HELP AS SOON AS
POSSIBLE
The intangible assets section of Sheffield Corporation's balance sheet at December 31, 2017, is presented here. Patents ($88,900 cost less $8,890 amortization) $80,010 Copyrights ($36,500 cost less $25,550 amortization) 10,950 Total $90,960 The patent was acquired in January 2017 and has a useful life of 10 years. The copyright was acquired in January 2011 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2018....
The intangible assets section of Ayayai Corporation’s balance
sheet at December 31, 2022, is presented here.
Patents ($70,000 cost less $6,000 amortization)
$64,000
Copyrights ($36,000 cost less $26,000 amortization)
10,000
Total
$74,000
The patent was acquired in January 2022 and has a useful life of 10
years. The copyright was acquired in January 2016 and also has a
useful life of 10 years. The following cash transactions may have
affected intangible assets during 2023.
Jan.
2
Paid $27,000 legal costs...
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