On January 1, 2018, Joel Company purchased a patent for P7,140,000. The patent is being amortized over its remaining legal life of 15 years. During 2021, Joel determined that the economic benefits of the patent would not last longer than 10 years from the date of acquisition. What should be reported in the statement of financial position as carrying amount of patent on December 31, 2021?

Q: How do i do EX 12-3 & EX 12-4

A: Common stock:   These are the ordinary shares that a corporation issues to the investors in order to…

Q: Which of the following orders allows for partial execution?

A: FOK (Fill or Kill Order): This type of order allows being executed immediately at the specified…

Q: 9. Selling and administrative costs are direct costs. O inventoriable costs. O period costs.…

A: Ans. The cost incurred by a business entity is broadly divided into two categories as : i. Direct…

Q: can you also explain what part is a. b. and c. please

A: A budget is an estimate of amount which is prepared by the management for various planning and…

Q: A. Define transfer pricing and elaborate on FOUR (4) of its purposes.

A: Transfer pricing is the price which is to be calculated if there is any transaction between related…

Q: the difference between a W-4 form and W-2 form.

A: Form W-4: Employee’s withholding allowance certificate. This form is filled by employees for their…

Q: Starr Cost c

A: Earning per share indicates the per share income of the share holder.It can be calculated by the…

Q: How to calculate PMT,  P/Y and C/Y

A: As per the given information: The time value of money concept states that earlier receipts are more…

Q: What would the entry be for the letter H.?

A:

Q: what does p&l stand for?

A: A deferred tax adjustment is prevalent where there is a temporary difference in the book value and…

Q: 7. How would you define transaction exposure? How is it different from economic exposure?

A: Exposure refers to the degree to which an individual or entity is subject to a particular risk or…

Q: 4. The standard direct material cost is equal to: A) Standard quantity × Actual price B) Actual…

A: Let's break down the components of the standard direct material cost calculation:Standard Quantity:…

Q: Which of the following associations would most likely describe the relationship between an internal…

A: Economic Event: Economic event means events which include transferring the ownership of resource…

Q: In your own words, briefly describe the Sarbanes-Oxley Act and its purpose.

A: The Sarbanes-Oxley Act of 2002 seems to be a law approved by the United States Congress on July 30,…

Q: Activity F stomer Service

A: 1) S. Inc Activity rate = Total activity cost ÷ Activity Base Customer Service = $29,190 ÷ 210 =…

Q: rom where does 184.17 came in step 3

A: When a loan is taken then periodic payments has to be made. In this case and situation monthly…

Q: Explain- Agency cost.

A:

Q: count ROCE

A: ROCE stands for Return on Capital Employed.

Q: (d) On what basis should management select from these two methods to depreciate the machine? Justify…

A: The management should opt for reducing balance method of depreciation for the above scenario: This…

Q: Which does not belong to a category? * a. Labor b. Materials c. Overhead d. Purchases

A: Answer: Purchase

Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.