P12.2B (LO 1,2,4,5) (Accounting for Patents) Dance Technologies holds a valuable patent (No. 782) for Dance-o-matic, anelectronic system that provides individualized, intercalative dance instruction that also provides real-time feedback. Dance doesnot manufacture or sell the products and processes it develops. Instead, it conducts research and develops products andprocesses which it patents, and then assigns the patents to manufacturers on a royalty basis. Occasionally it sells a patent. Thehistory of Dance's patent number 782 is as follows:DateActivityCostResearch conducted to develop Dance-o-maticDesign and construction of prototypeTesting of modelsCosts (engineering and legal fees) associated with patentapplication; patent granted September 30, 2014Engineering activity to advance the prototype to themanufacturing stageLegal fees paid in unsuccessful attempt to broaden thepatent's coverageResearch and development activity to advance thereal-time feedback componentLegal fees paid to successfully defend the patent aga insta competitor2011-2012Oct 2013Feb 2014Aug 2014$538,500211,00065,00050,400Mar 2015256,000July 201623,000Oct 2018165,000Jan 202120,500Dance assumed a useful life of 14 years when it received the initial patent. On January 1, 2019, it revised its useful life estimate downwardto 6 remaining years. Amortization is computed for a full year if the cost is incurred prior to July 1, and no amortization for the year if thecost is incurred after June 30. The company's year ends December 31.

Carrying value refers to the cost of an asset which is obtained after subtracting the accumulated…

Activity Research conducted to develop Dance- Design and construction of prototype Testing of models Costs (engineering and legal fees) asso application; patent granted Septem Engineering activity to advance the pre manufacturing stage Legal fees paid in unsuccessful attemp patent's coverage Research and development activity to a real-time feedback component

Activity Research conducted to develop Dance- Design and construction of prototype Testing of models Costs (engineering and legal fees) asso application; patent granted Septem Engineering activity to advance the pre manufacturing stage Legal fees paid in unsuccessful attemp patent's coverage Research and development activity to a real-time feedback component

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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