Lakeshore Industries purchased a patent on June 15, 2024. Lakeshore paid $225,000 to the patent holder and incurred $7,500 in legal fees for the transaction. What amount should be debited to the patent account? a. $225,000 b. $232,500 c. $217,500 d. $7,500
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- Capwell Enterprises acquired a patent on March 15, 2023. Capwell 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 patent account?May I ask for help with this question? I got an answer of 380,000 (Rounded Up) Please check. On January 1, 20x1, C Co. incurred P400,000 in registering a patent. I Inc., a third-party, committed to purchase the patent during the remaining five years of its legal useful life for a total cost of P100,000. How much is the carrying amount of the patent on December 31, 20x1?Saint Industries acquired a patent on August 1, 2022. Saint paid cash of $104,000 to the seller. Legal fees of $3,600 were paid related to the acquisition. What amount should be debited to the patent account? Answer
- Saint Industries acquired a patent on August 1, 2022. Saint paid cash of $104,000 to the seller. Legal fees of $3,600 were paid related to the acquisition. What amount should be debited to the patent account?Crane Company incurred $840000 of research and development costs in its laboratory to develop a new product. It spent $141000 in legal fees for a patent granted on January 2, 2022. On July 31, 2022, Crane paid $75000 for legal fees in a successful defense of the patent. What is the total amount that should be debited to Patents through July 31, 2022? $216000. $1056000. $840000. $0.Please help me. Thankyou.
- Ivanhoe 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.I need this question answer general AccountingSheridan 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…