Alonzo Co. acquires 3 patents from Shaq Corp. for a total of $360,000. The patents were carried on Shaq's books as follows: Patent AA: $5,000; Patent BB: $2,000; and Patent CC: $3,000. When Alonzo acquired the patents their fair market values were: Patent AA: $20,000; Patent BB: $240,000; and Patent CC: $60,000. At what amount should Alonzo record Patent BB? a. $120,000. b. $240,000. c. $2,000. d. $270,000.
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Alonzo co. Acquires 3 patents solution this accounting questions
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- On January 1, 2009, Jonalyn Company purchased a patent from an original patentee for P2,400,000. The remaining legal life of the patent is 15 years but the useful life is only 12 years. On January 1, 2010, the entity paid P550,000 in successfully defending the patent in an infringement suit filed against the entity. On January 1, 2011, the entity acquired a competing patent for P1,500,000. The competing patent has a remaining legal life 15 years but it is not to be used because it was intended to protect the original patent. Question: What is the carrying amount of the patent on December 31, 2011?Gusion Company purchases 9,000 shares of Layla Company for P70 per share. Before acquisition, Layla Company has the following balance sheet: On the date of acquisition, Gusion believes that the inventory has a fair value of P400,000 and that the property and equipment is worth P500,000. All other assets and liabilities fair value is equal to their carrying amount. The cost of disposal of the noncurrent asset held for sale is P5,000. Layla’a shares was selling ex-dividend. The goodwill/gain on bargain purchase in the consolidated statement is: A. (P40,000) B. P30,000 C. P185,000 D. (P35,000)Bayolet Company incurred P1,600,000 of research and development costs to develop a product for which a patent was granted at the beginning of the current year. Legal fees and other costs associated with registration of the parent totalled P300,000. At year- end, the entity paid P450,000 for legal fees in a successful defense of the patent. What is the total amount that should be capitalized for the patent at year-end? O Answer not given O P2,300,000 O P750,000 O P300,000 O P2,050,000
- Ed acquired all the assets and assumed all the liabilities of JP for P2,500,000. On theacquisition date, JP's net identifiable assets and liabilities have fair values ofP3,500,000 and P1,200,000, respectively.Additional Information:● JP has an unrecorded patent with a fair value of P120,000● JP has Research and Development projects with a fair value of P80,000. JPcharged the cost as an expense when incurred.● Ed is renting out a property to JP under the operating lease. The terms of thelease compared to the market terms are unfavorable. The fair value of thedifferential is P50,000.Compute for the Goodwill.The Grape Corporation owns equipment with a $400,000 adjusted basis. The equipment was purchased six years ago for $640,000. Assume Grape sells the equipment for the selling prices given in the three independent cases below. View the three independent cases. Read the requirement. Begin by entering the amount of the recognized gain for each case. Then enter the character of the gain or loss for each case. (Use a minus sign or parentheses to enter a loss. Complete all input fields. Enter a "0" for any zero-balances.) Case A Case B Case C Selling Price $237,000 $729,000 $424,000 Recaptured Recognized Gain Ordinary Gain Sec. 1231 Gain (Loss) (Loss) (Loss) Three Independent Cases Selling Price Case A S 237,000 Case B 729,000 Case C 424,000 Print Done XOn January 1, 2018, Laica Company purchased a patent from an original patentee for P2,400,000. The remaining life of the patent is 15 years but the useful life is only 12 years. On January 1, 2019, the entity paid P550,000 in successfully defending the patent in an infringement suit filed against the entity. On January 1, 2020, an entity acquired a competing patent for P1,500,000. The competing patent has a remaining life of 15 years but it is not used because it was intended to protect the original patent. Assume that the company is an SME. What is the carrying amount of the patent on December 31, 2020?
- a. On January 1, 2024, UTS completed the purchase of Heinrich Corporation for $3,153,000 in cash. The fair value of the net Identifiable assets of Heinrich was $2,850,000. b. Included in the assets purchased from Heinrich was a patent valued at $91,200. The original legal life of the patent was 20 years; there are 12 years remaining, but UTS believes the patent will be useful for only eight more years. c. UTS acquired a franchise on July 1, 2024, by paying an initial franchise fee of $356,000. The contractual life of the franchise is 10 years. Required: 1. Record amortization expense for the Intangible assets at December 31, 2024. 2. Prepare the intangible asset section of the December 31, 2024, balance sheet. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the intangible asset section of the December 31, 2024, balance sheet.Advanced Technological Devices Inc. acquired a patent for $130,000. It spent an additional $19,400 successfully defending the patent in legal proceedings. Required: Determine the cost of the patent.On January 1, 2018, Archie acquires 90% of Jughead. Analysis of data relative to this purchase indicates that goodwill of $70,000 was acquired in this purchase. The goodwill is unimpaired. On July 1, 2020, Jughead sold a patent (5-year life, no salvage value) to Archie with a sales price of $140,000. Jughead's books value was $70,000. The net income of Archie and Jughead in 2020 is $560,000 (from its own operations) and $140,000 (net), respectively. How much is the net income attributable to equity holders of parent in 2020? a) 616,000 b)629,300 c)637,000d)623,000
- Pit Coporation owns 75% of Stop Company's outstanding common stock. On 01/01/21, Pit sold sold a used piece of equipment to Stop in exchange for $236,000 cash. Pit's original cost of the equipment was $728,000 and accumulated depreciaiton of 01/01/21 was $447,000. The remaining useful life of the equipment is 10 years, and Stop will use that same usefull life. Both companies use the straight line method of depreciation. The Consolidation Entry would include:Pit Coporation owns 75% of Stop Company's outstanding common stock. On 01/01/21, Pit sold sold a used piece of equipment to Stop in exchange for $236,000 cash. Pit's original cost of the equipment was $728,000 and accumulated depreciaiton of 01/01/21 was $447,000. The remaining useful life of the equipment is 10 years, and Stop will use that same usefull life. Both companies use the straight line method of depreciation. The Year-End Consolidated Financial Statements would include: Consolidated Loss on Sale in the amount of: $______________ Consolidated Depreciation Expense in the amount of $____________ Consolidated Equipment in the amount of $_______________ Consolidated Accumulated Depreciation in the amount of $__________Pit Coporation owns 75% of Stop Company's outstanding common stock. On 01/01/21, Pit sold sold a used piece of equipment to Stop in exchange for $236,000 cash. Pit's original cost of the equipment was $728,000 and accumulated depreciaiton of 01/01/21 was $447,000. The remaining useful life of the equipment is 10 years, and Stop will use that same usefull life. Both companies use the straight line method of depreciation. Pit's Journal Entries would include: