ble for release on April 30, 202 September 30 through December 31, 2021 January 1 through February 28, 2022 March 1 through April 30, 2022 $4,100,000 1,750,000 699,000 Athens expects a useful life of four years for the software and total revenues of $8,800.000 during that time. During 2022, reve $1,760,000 was recognized. Required: Prepare a journal entry to record the development costs in each year of 2021 and 2022. Calculate the required amortization for 2022. Complete this question by entering your answers in the tabs below. Required 2

ble for release on April 30, 202 September 30 through December 31, 2021 January 1 through February 28, 2022 March 1 through April 30, 2022 $4,100,000 1,750,000 699,000 Athens expects a useful life of four years for the software and total revenues of $8,800.000 during that time. During 2022, reve $1,760,000 was recognized. Required: Prepare a journal entry to record the development costs in each year of 2021 and 2022. Calculate the required amortization for 2022. Complete this question by entering your answers in the tabs below. Required 2

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 Flounder, Inc. began work on a $6,504,000 contract in 2020 construct an office building. During 2020, Flounder, Inc. incurred costs of $1,639,900, billed its customers for $1,300,000, and collected $1,055,000. At December 31, 2020, the estimated additional costs to complete the project total $3,650,100. Prepare Flounder's 2020 journal entries using the percentage-of-completion method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. For costs incurred use account Materials, Cash, Payables. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Account Titles and Explanation (To record costs incurred.) (To record billings.) (To record collections.) (To recognize revenue.) eTextbook and Media List of Accounts Save for Later Debit Credit Attempts: 0 of 3 used Submit Answer
Problem on long-term construction Axcel Construction Company has consistently used the percentage of completion method of recognizing income. During 2020, Axcel entered into a fixed price contract to construct an office building for P10,000,000. Information relating to the contract is as follows: 12/31/2020 12/31/2021 Percentage of completion 25% 65% Estimated total cost at completion-- P7,500,000.00 P 8,000,000.00 Income recognized (cumulative) 500,000.00 1,200,000.00 Required: a. Cost incurred to date, 12/31/2020 b. Cost incurred to date, 12/31/2021 Contract costs incurred during 2021| C.
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5. In 2020, Lalli Corporation incurred R&D costs as follows: Materials and equipment P100,000 Personnel 100,000 Indirect costs 50,000 P250,000 These cost relate to a product that will be marketed in 2021. The Company estimates that these costs will be recouped by December 31, 2024. Required What is the amount of R&D costs expense in 2020?
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