Beckeroo Corp. engaged in the following transactions. The company’s fiscal year ends December 31. Incurred $80,000 in costs related to scientific and engineering research and design of parts for an electric vehicle (EV). The costs were incurred in January 2022 but were recorded all at once on the date paid, January 31, 2022. Received a patent for the EV parts on June 30, 2022. The legal and registration fees cost $20,000 and were paid in cash on this date. The patent had a legal life of 20 years. a) Prepare all 2022 journal entries required by the above information in proper form, including any adjusting entries at year end. Provide a date and an explanation for each entry and include any calculations in the explanations. Skip a row after each entry. b) Prepare a partial income statement (with a proper heading) reflecting the transactions recorded in part a) and any related adjusting entries for the year ended December 31, 2022. c) Prepare a partial balance sheet (with a proper heading) reflecting the above transactions as of December 31, 2022. Assume no asset is impaired. Clearly indicate under what general category or categories (e.g., inventory, PP&E, etc.) any assets above would be reported.
Beckeroo Corp. engaged in the following transactions. The company’s fiscal year ends December 31.
Incurred $80,000 in costs related to scientific and engineering research and design of parts for an electric vehicle (EV). The costs were incurred in January 2022 but were recorded all at once on the date paid, January 31, 2022.
Received a patent for the EV parts on June 30, 2022. The legal and registration fees cost $20,000 and were paid in cash on this date. The patent had a legal life of 20 years.
a) Prepare all 2022
b) Prepare a partial income statement (with a proper heading) reflecting the transactions recorded in part a) and any related adjusting entries for the year ended December 31, 2022.
c) Prepare a partial
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