7 Year202620272028Expected FutureCash Flows(a)$2,0502,0502,050The 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.Your answer is incorrect.4Compute the total carrying amount of Sheridan's patents on its December 31, 2024, balance sheet. (Round answer to 0 decimalplaces.e.g. 5,125.)Total carrying amount $ Sheridan Industries has the following patents on its December 31, 2024, balance sheet.Useful Life at Date Acquired17 years10 years4 yearsPatent ItemPatent APatent BPatent CThe following events occurred during the year ended December 31, 2025.1.2Initial Cost Date Acquired$41,8203/1/21$15,6007/1/22$16,8009/1/233.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 9¹12 years.दाAs a result of reduced demands for certain products protected by Patent B, a possible impairment of Patent B's value mayhave occurred at December 31, 2025. The controller for Sheridan estimates the expected future cash flows from Patent B willbe as follows

An intangible asset is a nonphysical asset such as a patent, copyright, or goodwill. The company…

Sheridan Industries has the following patents on its December 31, 2024, balance sheet. Useful Life at Date Acquired 17 years 10 years 4 years Patent Item Patent A Patent B Patent C 1. The following events occurred during the year ended December 31, 2025. 2 Initial Cost Date Acquired $41,820 3/1/21 $15,600 7/1/22 $16,800 3. 9/1/23 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 9¹12 years. 2 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

Sheridan Industries has the following patents on its December 31, 2024, balance sheet. Useful Life at Date Acquired 17 years 10 years 4 years Patent Item Patent A Patent B Patent C 1. The following events occurred during the year ended December 31, 2025. 2 Initial Cost Date Acquired $41,820 3/1/21 $15,600 7/1/22 $16,800 3. 9/1/23 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 9¹12 years. 2 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

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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