3- Yoon Industries has the following patents on its December31, 2018, statement of financial position (amounts inthousands).Patent Item Initial Cost Date AcquiredUseful Life at DateAcquired17 yearsPatent APatent BW 40,800 March 1,2016W 15,000 July 1, 2015W 14,400 September 30, 2017 4;10 yearsPatent CInstructionsCompute the total carrying amount of Yoon's patents on itsDecember 31, 2018, statement of financial position.

The intangible assets are amortized under the straight-line method, normally. The carrying value of…

3- Yoon Industries has the following patents on its December 31, 2018, statement of financial position (amounts in thousands). Patent Item Initial Cost Date Acquired Useful Life at Date Acquired 17 years Patent A Patent B Patent C W 40,800 March 1,2016 W 15,000 July 1, 2015 W 14,400 September 30, 2017 4 years 10 years Instructions Compute the total carrying amount of Yoon's patents on its December 31, 2018, statement of financial position.

3- Yoon Industries has the following patents on its December 31, 2018, statement of financial position (amounts in thousands). Patent Item Initial Cost Date Acquired Useful Life at Date Acquired 17 years Patent A Patent B Patent C W 40,800 March 1,2016 W 15,000 July 1, 2015 W 14,400 September 30, 2017 4 years 10 years Instructions Compute the total carrying amount of Yoon's patents on its December 31, 2018, statement of financial position.

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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Current Attempt in Progress Carla Vista Co., organized in 2024, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2025 and 2026. 7/1/25 10/1/25 12/31/25 1/2/26 3/1/26 4/1/26 6/1/26 9/1/26 Intangible Assets 8-year franchise; expiration date 6/30/33 Advance payment on laboratory space (2-year lease) Net loss for 2025 including state incorporation fee, $3,000, and related legal fees of organizing, $7,000 (all fees incurred in 2025) Patent purchased (10-year life) Cost of developing a secret formula (indefinite life) Goodwill purchased (indefinite life) Legal fee for successful defense of patent purchased above Research and development costs $48,000 25,800 17,800 80,600 82,000 279,600 12,765 165,000 Prepare the necessary entries to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles. Make the entries as of December 31, 2026, recording any necessary…
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