On February 1, 2018, Innovation Company purchased a patent for $72,000 cash. Although the patent gives legal protection for 20 years, the patent is expected to be used for only three years. Read the requirements. Requirement 1. Journalize the purchase of the patent. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Feb. 1 Requirements 1. Journalize the purchase of the patent. 2. Journalize the amortization expense for the year ended December 31, 2018. Assume straight-line amortization. Print Done

On February 1, 2018, Innovation Company purchased a patent for $72,000 cash. Although the patent gives legal protection for 20 years, the patent is expected to be used for only three years. Read the requirements. Requirement 1. Journalize the purchase of the patent. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Feb. 1 Requirements 1. Journalize the purchase of the patent. 2. Journalize the amortization expense for the year ended December 31, 2018. Assume straight-line amortization. Print Done

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Gansac Publishing Company signed a contract with an author to publish her book. The signing took place on January 1, 2019, and a payment of $20,000 was made to obtain a copyright. Gansac expects to sell 200,000 books evenly between 2019 and 2023 at a price of $10 per book. Required: 1. Prepare journal entries to record the events related to the copyright and sales of the book during 2019 and 2020, assuming that sales were as projected. 2. Next Level How would your answer change if Gansac expected sales of the book to be 100,000 copies in 2019, 80,000 copies in 2020, and 20,000 copies over the remainder of the copyright’s useful life?
Company A purchases land on January 1, 2021 for $ 40,000 with a note payable. Other cost includes $ 2500 in delinquent property taxes, Ş in transfer taxes and a $ 1500 survey fee. General Journal Page Date Account Titles and Explanation Debit Credit
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PLEASE ANSWER IT ALL AND I WILL RATE AS HELPFUL. THANK YOU! Dynasty Company sells gift certificates redeemable only when merchandise is purchased. Upon redemption, Dynasty Company recognizes the unearned revenue as realized. Information for 2019 is as follows: Unearned Revenue, January 1, 2019 P650,000; Gift certificates sold P2,250,000; Gift certificates redeemed P1,950,000; Gift certificates unredeemed for a long time P100,000; Cost of Goods Sold 60%. What amount should be reported as Unearned Revenue on December 31, 2019, following the ruling by the Department of Trade and Industry that gift certificates no longer have an expiration period? Long Live Company entered into a lease agreement for the use of a new machine on January 1, 2020. The lease agreement requires an annual payment of P1,500,000 for five years starting December 31, 2020. Long Live guaranteed a residual value of P711,090 at the end of the contract. The machine will revert to the lessor at the end of five years.…
1. What amount of warranty expense should be shown on Crassula's income statement for the year ended December 31, 2021? 2. What amount of warranty liability should be shown on Crassula's statement of financial position as of December 31, 2021?
View Policies Current Attempt in Progress Stellar Corporation sells computers under a 2-year warranty contract that requires the corporation to replace defective parts and to provide the necessary repair labor. During 2025, the corporation sells for cash 371 computers at a unit price of $2,570. On the basis of past experience, the 2-year warranty costs are estimated to be $166 for parts and $196 for labor per unit. (For simplicity, assume that all sales occurred on December 31, 2025.) The warranty is not sold separately from the computer. (a) Record any necessary journal entries in 2025. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit
Name different types of debenture. Pass the journal entries if a ABC Co. purchased a machinery of 240000 from CDE Co. and issued debenture of 100 each a. Issue at par b. Issue at 10% discount c. Issue at 10% premium Please help me to solve this question
Marin Cosmetics Co. purchased machinery on December 31, 2019, paying $47,300 down and agreeing to pay the balance in four equal installments of $46,400 payable each December 31. An assumed interest of 8% is implicit in the purchase price. Prepare the journal entries that would be recorded for the purchase and for (1) the payments and (2) interest on the following dates. (Round answers to O decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) December 31, 2019. (b) December 31, 2020. (c) December 31, 2021. (d) December 31, 2022. (e) December 31, 2023.
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On October 5, 2020, a company enters into a contract to transfer a product to the customer. It is agreed that the customer will pay the full price of $50,000 in advance on October 10, 2020. The customer pays on October 10, 2020, and company delivers the product on October 26, 2020. When will the (seller) company make its first journal entry related to the above? Choose from 5, 10, and 26, and enter the date only.
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