Give true answer this accounting question not use ai On October 1, 2015, Nurix Inc. purchased a patentfor $208,000 cash. although the patent gives legalprotection for 20 years, the patent is expected to beused for only 10 years.What will be the balance in the patent account onSeptember 30, 2016?

Step 1: Define Amortization ExpenseAn amortization expense is the cost of writing off intangible…

Answered: On October 1, 2015, Nurix Inc.…

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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The Western Company, a company that follows IFRS, provided you with the following information about a number of transactions that took place in 2020: On January 1, 2020 Western acquired a patent for $45,000 cash. The patent expires on January 1, 2028, but the company determined that it will generate future benefits for 6 years from the date of acquisition. During 2022, the total useful life of the patent was revised to 4 years. During March 2020, The Wester Company invested $120,000 in research costs about a new product that it aims to develop in 2021. The amount was paid in cash. The Western Company estimates that its internal goodwill is worth $980,000 in July 2020. Required- Prepare the journal entries related to the patent from January 1, 2020 to December 31, 2022. Prepare the journal entries for 2 and 3. If no journal entry is required, justify why.
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On September 1, 2019, Jordan, Inc. acquired a patent for $600,000. The patent has 16 years remaining in its legal life. However, Jordan, Inc. expects the patent's technology to have a useful life of 8 years. Prepare the journal entries to record the acquisition of the patent and the amortization expense for 2019. Date Account Debit Credit
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On October 1, 2015, Nurix Inc. purchased a patent for $208,000 cash. although the patent gives legal protection for 20 years, the patent is expected to be used for only 10 years. What will be the balance in the patent account on September 30, 2016?