PLEASE HELP!!! Your answer is partially correct.On June 1, 2023, Bramble spent $8,120 to successfully prosecute a patent infringement suit. As a result, the estimate of useful lifewas extended to 12 years from June 1, 2023. Prepare all journal entries required in 2023 and 2024. (Credit account titles areautomatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles andenter O for the amounts. List all debit entries before credit entries. Record entries in the order displayed in the problem statement.)DateAccount Titles and Explanation2023PatentsCash2023(To record cost of infringement suit)Amortization Expense2024Patents(To record amortization expense)Amortization ExpensePatentsDebit8120|Credit8120 Current Attempt in ProgressDuring 2021, Bramble Corporation spent $178,560 in research and development costs. As a result, a new product called the New AgePiano was patented. The patent was obtained on October 1, 2021, and had a legal life of 20 years and a useful life of 10 years. Legalcosts of $30,000 related to the patent were incurred as of October 1, 2021.(a)

DateAccountDr.Cr2023-12-31Amortization Expenses$2,860 Patents $2,860 ( To record amortization…

Answered: Your answer is partially correct. On…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 7MC

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For each of the following unrelated situations, calculate the annual amortization expense and prepare a journal entry to record the expense: A. A patent with a seventeen-year remaining legal life was purchased for $850,000. The patent will be usable for another six years. B. A patent was acquired on a new tablet. The cost of the patent itself was only $12,000, but the market value of the patent is $150,000. The company expects to be able to use this patent for all twenty years of its life.
For each of the following unrelated situations, calculate the annual amortization expense and prepare a journal entry to record the expense: A. A patent with a ten-year remaining legal life was purchased for $300,000. The patent will be usable for another eight years. B. A patent was acquired on a new smartphone. The cost of the patent itself was only $24,000, but the market value of the patent is $600,000. The company expects to be able to use this patent for all twenty years of its life.
Calico Inc. purchased a patent on a new drug. The patent cost $21,000. The patent has a life of twenty years, but Calico only expects to be able to sell the drug for fifteen years. Calculate the amortization expense and record the journal for the first-year expense.
Calico Inc. purchased a patent on a new drug it created. The patent cost $12,000. The patent has a life of twenty years, but Calico expects to be able to sell the drug for fifty years. Calculate the amortization expense and record the journal for the first years expense.
During 2022, Brownie Company incurred research and development cost of P272,000 relating to the patent that was granted on July 1, 2022. Cost of registering the patent is P68,000. The patent legal life is 20 years. However, the management expected that the patent will be useful for 10 years only. On December 31, 2022, what amount should be reported as patent, net of accumulated amortization?
s
Required information [The following information applies to the questions displayed below] Bethany incurred $20,900 in research and experimental costs for developing a specialized product during July 2023. Bethany went through a lot of trouble and spent $10,450 in legal fees to receive a patent for the product in August 2025. Bethany expects the patent to have a remaining useful life of 10 years. Note: Do not round intermediate c calculations. b. How much patent amortization expense would Bethany deduct in 2025? Deductible patent amortization expense
Mark Inc. incurred P816,000 of research and development costs in its laboratory to develop a patent which was granted on January 2, 2022. Additional costs of P152,000 were incurred in 'the registration of the patent. The estimated economic life of the patent a eight years.What amount should Mark charge to patent amortization expense for the year ended December 31, 2022? The answer must be 19,000
Sheridan Industries has the following patents on its December 31, 2024, balance sheet. (b) Patent Item Year Patent A 2 2026 Patent B 2027 (a) Patent C The following events occurred during the year ended December 31, 2025. 1 Research and development costs of $235,000 were incurred during the year. Patent D was purchased on July 1 for $45,372. This patent has a useful life of 91/2 years. As a result of reduced demands for certain products protected by Patent B, a possible impairment of Patent B's value may have occurred at December 31, 2025. The controller for Sheridan estimates the expected future cash flows from Patent B will be as follows. 3. Show Transcribed Text 2028 Initial Cost $41,820 $15,600 $16,800 Expected Future Cash Flows $2,050 2,050 2,050 ✓ Your answer is correct. Total carrying amount The proper discount rate to be used for these flows is 8%. (Assume that the cash flows occur at the end of the year) Click here to view factor tables. Total carrying amount $ Show…
During 2021, Culver Corporation spent $169,920 in research and development costs. As a result, a new product called the New Age Piano was patented. The patent was obtained on October 1, 2021, and had a legal life of 20 years and a useful life of 10 years. Legal costs of $45,360 related to the patent were incurred as of October 1, 2021.
During 2021, Concord Corporation spent $168,480 in research and development costs. As a result, a new product called the New Age Piano was patented. The patent was obtained on October 1, 2021, and had a legal life of 20 years and a useful life of 10 years. Legal costs of $41,040 related to the patent were incurred as of October 1, 2021.
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