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

What amount should be debited to the patent account? General accounting

What amount should be debited to the trademark account on these general accounting question?

Crown Enterprises acquired a trademark on June 1, 2020. Crown paid cash of $58,000 to the seller. Legal fees of $3,200 were paid related to the acquisition. What amount should be debited to the trademark account?

Correct answer

Need help with this accounting question

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

Please look at the picture

(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…

Can you please answer A and B.