Taylor Swift Corporation purchases a patent from Salmon Company on January 1, 2025, for $54,000. The patent has a remaining legal life of 16 years. Taylor Swift estimates the patent will have a useful life of 10 years, based on expected product innovations in the market. Prepare Taylor Swift's journal entries to record the purchase of the patent and 2025 amortization. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Patents cash (To record purchase of patents) Amortization Expense Patents (To record amortization of patents) Debit 24,000 8400 Credit 00 00 24,000 24,000

Taylor Swift Corporation purchases a patent from Salmon Company on January 1, 2025, for $54,000. The patent has a remaining legal life of 16 years. Taylor Swift estimates the patent will have a useful life of 10 years, based on expected product innovations in the market. Prepare Taylor Swift's journal entries to record the purchase of the patent and 2025 amortization. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Patents cash (To record purchase of patents) Amortization Expense Patents (To record amortization of patents) Debit 24,000 8400 Credit 00 00 24,000 24,000

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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On May 1, 2025, Sandhill Company enters into a contract to transfer a product to Anthony Company on September 30, 2025. It is agreed that Anthony will pay the full price of $24,560 in advance on June 15, 2025. Anthony pays on June 15, 2025, and Sandhill delivers the product on September 30, 2025. Prepare the journal entries required for Sandhill in 2025. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter o for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Date 11 Account Titles and Explanation Debit Credit
On June 30, 2019, Liang sold its patent with a carrying value of $79,884 to Miller Enterprises for $5,000 cash and a note specifying ten annual payments of $10,000. The first payment was due June 30, 2020. Liang uses 8% as its discount rate. Which of the following would not be included in the journal entry to record the sale of the patent on June 30, 2019? Select one: O a. CR Discount on Note Receivable $32,899 b. CR Gain on Sale of Patent $7,783 c. CR Patent $79,884 * d. DR Cash $5,000 O e. All of the above would be included in the journal entry.
just need the debit and credit for first accounts
Engelhart Company licenses customer relationship software to Kristin Incorporated for 3 years. In addition to providing the software, Engelhart promises to provide consulting services over the life of the license to maintain operability within Kristin?s computer system. The total transaction is $210,000. Based on the standalone values, Engelhart estimates the consulting services have a value of $75,000 and the software license has a value of $135,000. Upon install on July 1, 2019, Kristin pays Engelhart $100,000; the balance of the contract is due December 31, 2019. Explain how you would account and determine the revenue for 2019, assuming (a) the performance obligations are interdependent and (b) the performance obligations are not interdependent.
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as show in the pic
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Arctic Cat sold Seneca Motor Sports a shipment of snowmobiles. The snowmobiles were delivered on January 1, 2024, and Arctic received a note from Seneca indicating that Seneca will pay Arctic $43,500 on a future date. Unless informed otherwise, assume that Arctic views the time value of money component of this arrangement to be significant and that the relevant interest rate is 9%. Required: Assume the note indicates that Seneca is to pay Arctic the $43,500 due on the note on December 31, 2024. Prepare the journal entry for Arctic to record the sale on January 1, 2024. Assume the same facts as in requirement 1, and prepare the journal entry for Arctic to record collection of the payment on December 31, 2024. Assume instead that Seneca is to pay Arctic the $43,500 due on the note on December 31, 2025. Prepare the journal entry for Arctic to record the sale on January 1, 2024. Assume instead that Arctic does not view the time value of money component of this arrangement to be…