Crane Company incurred research and development costs of $111,000 and legal fees of $51,000 to acquire a patent. The patent has a legal life of 20 years and a useful life of 10 years. What amount should Crane record as Patent Amortization Expense in the first year? a. $8,100. b. $5,100. c. $16,200. d. $0.
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- Thompson Company incurred research and development costs of $120,000 and legal fees of $50,000 to develop a patent. The patent has a legal life of 20 years and a useful life of 10 years. What amount should Thompson record as Patent Amortization Expense in the first year? O a. $5,000. O b. $8,000. O c. $17,000. O d. $6,000.Ramsay Enterprises incurred research and development costs of $450,000 and legal fees of $18,000 to acquire a patent. The patent has a legal life of 15 years and a useful life of 9 years. What amount should Ramsay record as Patent Amortization Expense in the first year? O $52,000 O $31,200 O $1,200 O $2,000Ivanhoe Company incurred research and development costs of $ 90000 and legal fees of $ 30000 to develop a patent. The patent has a legal life of 20 years and a useful life of 10 years. What amount should Ivanhoe record as Patent Amortization Expense in the first year? O $0. O $ 3000. O $ 6000. O $ 12000.
- Please give me answer general accountingOn January 1, 20X3, Enid Corporation purchased a patent from another company for $190,000. The estimated useful life of the patent is 10 years, and its remaining legal life is 15 years. The amortization expense for 20X3 is: $12,667. $85,000. $68,000. $19,000.On January 1, 20X3, Enid Corporation purchased a patent from another company for $190,000. The estimated useful life of the patent is 10 years, and its remaining legal life is 15 years. The amortization expense for 20X3 is: Question 5 options: $12,667. $85,000. $68,000. $19,000.
- Equipment with a cost of $103,000 has a useful life of four years. Using straight- line amortization, what is the book value after three years. O a. $25,750. O b. $51,500. O c. $103,000. d. $77,250.On January 1, Year 1, Stiller Company paid $192,000 to obtain a patent. Stiller expected to use the patent for 5 years before it became technologically obsolete. The remaining legal life of the patent was 8 years. Based on this information, what is the amount of amortization expense during Year 3 and the book value of the patent as of December 31, Year 3, respectively? Multiple Choice O $24,000 and $72,000 $24,000 and $120.000 $38,400 and $76,800 $38,400 and $115,200Gemini Group has acquired a patent for $22.000. Its useful life is expected to be ten years. What amount would be recorded in a periodic amortization journal entry? Amortization Expense-Patents Patents 2,200 2,200 Amortization Expense-Patents 2,000 Patents 20,000 Amortization Expense-Patents 22,000 Patents 22,000 1,200 Amortization Expense-Patents 1,200 Patents Submit Answer
- Post Company purchased a patent on January 1, 200X for $50,000. The patent has a useful life of 10 years. The accounting entry to record the patent amortization expense for the first year would be: Debit patent $5,000; credit accounts payable $5,000. Debit patent amortization expense $5,000; credit patent $5,000. Debit patent $50,000; credit accounts payable $50,000. Debit patent amortization expense $50,000; credit patent $50,000.Drexler incurred P234,000 of experimental and development costs in its laboratory to develop a patentwhich was granted on January 2, 20x4. Legal fees and other costs associated with registration of thepatent totaled P49,200. Management estimates that the useful life of the patent will be eight (8) years. 7. What is the carrying amount of the patent on December 31, 20x4?Current Attempt in Progress Cullumber Company incurred research and development costs of $89000 to develop a patent, and legal fees of $29000 to register the patent. The patent has a legal life of 20 years and a useful life of 10 years. What amount should Cullumber record as Patent Amortization Expense in the first year if the straight-line method is used? O $5900 O $2900 O $11800 O $0