4 1. Pharoah purchased a patent from Vania Co. for $1,150,000 on January 1, 2023. The patent is being amortized over its remaininglegal life of 10 years, expiring on January 1, 2033. During 2025, Pharoah determined that the economic benefits of the patent wouldnot last longer than 6 years from the date of acquisition. What amount should be reported in the balance sheet for the patent, net ofaccumulated amortization, at December 31, 2025?The amount to be reported2. Pharoah bought a franchise from Alexander Co. on January 1, 2024, for $325,000. The carrying amount of the franchise onAlexander's books on January 1, 2024, was $325,000. The franchise agreement had an estimated useful life of 30 years. BecausePharoah must enter a competitive bidding at the end of 2026, it is unlikely that the franchise will be retained beyond 2033. Whatamount should be amortized for the year ended December 31, 2025?The amount to be amortized $3. On January 1, 2025, Pharoah incurred organization costs of $262,500. What amount of organization expense should be reported in2025?$The amount to be reported $4. Pharoah purchased the license for distribution of a popular consumer product on January 1, 2025, for $145,000. It is expected thatthis product will generate cash flows for an indefinite period of time. The license has an initial term of 5 years but by paying a nominalfee, Pharoah can renew the license indefinitely for successive 5-year terms. What amount should be amortized for the year endedDecember 31, 2025?The amount to be amortized $eOfor LaterType here to searchSUPPORT

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1. Pharoah purchased a patent from Vania Co. for $1,150,000 on January 1, 2023. The patent is being amortized over its remaining legal life of 10 years, expiring on January 1, 2033. During 2025, Pharoah determined that the economic benefits of the patent would not last longer than 6 years from the date of acquisition. What amount should be reported in the balance sheet for the patent, net of accumulated amortization, at December 31, 2025? The amount to be reported $

1. Pharoah purchased a patent from Vania Co. for $1,150,000 on January 1, 2023. The patent is being amortized over its remaining legal life of 10 years, expiring on January 1, 2033. During 2025, Pharoah determined that the economic benefits of the patent would not last longer than 6 years from the date of acquisition. What amount should be reported in the balance sheet for the patent, net of accumulated amortization, at December 31, 2025? The amount to be reported $

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Zina Manufacturing Company started and completed Job 501 in December with the following Job Cost Sheet and transferred it to the warehouse. Direct Materials Date Dec 17 Dec 30 Total Direct Labor Amount Date Amount $2,000 Dec 20 $4,000 8,000 Dec 30 3,800 Total Job Cost Sheet - Job No. 501 Total Cost The journal entry to record the transaction is A) WIP Inventory FG Inventory B) Cost of Goods Sold WIP Inventory C) FG Inventory WIP Inventory D) FG Inventory WIP Inventory Debit Credit 35,800 17,800 17,800 Manufacturing Overhead Date Amount Dec 24 $10,000 Dec 30 8,000 Total 35,800 35,800 17,800 17,800 35,800
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