Cullumber Corporation acquired a patent on May 1, 2017. Cullumber paid cash of $91,000 to the seller. Legal fees of $2,400 were paid related to the acquisition. What amount should be debited to the patent account? a. $88,600 b. $2,400 c. $91,000 d. $93,400

On January 1, 2015, Moose Co. purchased for $360,000 a patent that had been granted two years earlier. On January 1, 2017, legal costs of $64,000 were incurred in a successful defense of the patent. Assuming the maximum period allowable is used for patent amortization, what is Moose's patent amortization expense for 2017? $21,555 $20,000 $18,000 $24,000

Troy Aikman Corporation purchased a patent from Salmon Company on Jaunary 1, 2017, for $54,000. The patent has a remaining legal life of 16 years Troy Aikman feels the patent will be useful for 10 years. Prepare Troy Aikmans Journal entry to record the purchase of the patent. O Patents Expense $54 000 Patents $54,000 O Patents Expense S54 000 Cash S54 000 $54.000 O Patents Cash $54 000 O Patents $54 000 Patents Expense $54.000

Can you solve these general accounting problem?

Asking this problem to right expert. solve it.

22. Subject:- Accounting

(Accounting for Franchise, Patents, and Trademark) Information concerning Sandro Corporation’s intangible assets is as follows.1. On January 1, 2017, Sandro signed an agreement to operate as a franchisee of Hsian Copy Service, Inc. for an initial franchise fee of $75,000. Of this amount, $15,000 was paid when the agreement was signed, and the balance is payable in 4 annual payments of $15,000 each, beginning January 1, 2018. The agreement provides that the down payment is not refundable and no future services are required of the franchisor. The present value at January 1, 2017, of the 4 annual payments discountedat 14% (the implicit rate for a loan of this type) is $43,700. The agreement also provides that 5% of the revenue from the franchise must be paid to the franchisor annually. Sandro’s revenue from the franchise for 2017 was $900,000. Sandro estimates the useful life of the franchise to be 10 years. (Hint: You may want to refer to Chapter 18 to determine the proper accounting…

On May 1, 2015, Zoe Inc. purchased Branta Corp. for $15,000,000 in cash. They only received $12,000,000 in net assets. In 2016, the market value of the goodwill obtained from Branta Corp. was valued at $4,000,000, but in 2017 it dropped to $2,000,000. Prepare the journal entry for the creation of goodwill and the entry to record any impairments to it in subsequent years.

At what amount should brandon ltd.record patent Y?

Sky Co., organized in 2017, provided you with the following information.1. Purchased a license for $20,000 on July 1, 2017. The license gives Sky exclusive rights to sell its services in the tri-state region and will expire on July 1, 2025.2. Purchased a patent on January 2, 2018, for $40,000. It is estimated to have a 5-year life.3. Costs incurred to develop an exclusive Internet connection process as of June 1, 2018, were $45,000. The process has an indefinite life.4. On April 1, 2018, Sky purchased a small circuit board manufacturer for $350,000. Goodwill recorded in the transaction was $90,000. 5. On July 1, 2018, legal fees for successful defense of the patent purchased on January 2, 2018, were $11,400.6. Research and development costs incurred as of September 1, 2018, were $75,000.Instructions(a) Prepare the journal entries to record all the entries related to the patent during 2018.(b) At December 31, 2018, an impairment test is performed on the license purchased in 2017. It is…