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

See similar textbooks

Similar questions

Please do not give solution in image format thanku
Simplifying the ABC System: Equally Accurate Reduced ABC Systems Selected activities and other information are provided for Patterson Company for its most recent year of operations. Expected Consumption Activity 7. Inserting dies 8. Purchasing materials 1. Developing test programs 3. Testing products ABC assignments Total overhead cost Required: Driver Number of dies Number of purchase orders Engineering hours Test hours Wafer A Wafer B Quantity 1,900,000 X والے 1,900 9,000 19,000 3. What if the two activities were 1 and 3? Repeat Requirements 1 and 2. Wafer A 0.7 0.2 Ratios 0.25 0.6 $165,000 1. Form reduced system cost pools for activities 7 and 8. Do not round interim calculations. Round your final answers to the nearest dollar. Inserting dies cost pool Purchasing cost pool Wafer B 0.3 2. As the costs of the reduced system cost pools to Wafer A and Wafer B. Do not round interim calculations. Round your final answers to the nearest dollar. 0.8 0.75 0.4 $165,000 $330,000
Question 1 IFRS 15 defines a performance obligation. Which one of the following statements is correct? Belfry Pty. Ltd. is commissioned to build a tower during the refurbishment of a historic Chapel. Given the various goods and services involved in the build are capable of being distinct the goods and services are distinct. Pool Inc. builds a cement swimming pool for the Smit family, which involves a significant service of integrating various goods and services. Therefore, these goods and services are combined into one performance obligation. We Print Ltd. regularly sells large format printers and ink cartridges separately. The printer cannot function without the ink cartridges therefore the sale of a printer with ink cartridges is one performance obligation. DC-AC Ltd. regularly sells high performance battery chargers and batteries separately. The battery charger cannot function without the batteries therefore the battery charger and batteries are not separately identifiable.
please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)
Please answer completely and correctly for all parts with explanation computation formula steps answer in text no copy paste show explanation and computation clearly for numbers provide full working for all steps with explanation answer in text form
please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)
View Policies Current Attempt in Progress In which of the following categories do indirect materials belong? Product Cost Manufacturing Overhead Period Cost No No Yes Yes No No Yes Yes No Yes Yes Yes eTextbook and Media Save for Later O Attempts: 0 of 3 used Submit Answer
Subject - account Please help me. Thankyou.
8. Which of the following is a non-value-added activity? Group of answer choices Inspection Engineering design. Rework. Machining.
help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working
15- Select from the following, the cost object for a product. a. Placing an order b. Dam construction c. Utility bill payment d. Smart phones
please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)