Troy Aikman Corporation purchased a patent from Salmon Company on Jaunary 1, 2017, for $54,000. The patent has a remaining legal life of 16 years Troy Aikman feels the patent will be useful for 10 years. Prepare Troy Aikmans Journal entry to record the purchase of the patent. O Patents Expense $54 000 Patents $54,000 O Patents Expense S54 000 Cash $54 000 O Patents $54.000 Cash $54 000 O Patents $54 000 Patents Expense $54 000

Troy Aikman Corporation purchased a patent from Salmon Company on Jaunary 1, 2017, for $54,000. The patent has a remaining legal life of 16 years Troy Aikman feels the patent will be useful for 10 years. Prepare Troy Aikmans Journal entry to record the purchase of the patent. O Patents Expense $54 000 Patents $54,000 O Patents Expense S54 000 Cash $54 000 O Patents $54.000 Cash $54 000 O Patents $54 000 Patents Expense $54 000

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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Required journal entry
Compute for the gain on sale of patent under the following problem A) P2,620,000 B) P925,000 C) P1,078,125 D) P995,000
112.
Please answer in text form without image every entry should have narrated
These are selected 2027 transactions for Pronghorn Corporation: Jan. 1 Mar. 1 Sept. 1 Purchased a copyright for $160,800. The copyright has a useful life of 6 years and a remaining legal life of 35 years. Purchased a patent with an estimated useful life of 5 years and a legal life of 20 years for $90,000. Purchased a small company and recorded goodwill of $150.200. Its useful life is indefinite. Indicate the amount of amortization expense on December 31, 2027. for Pronghorn Corporation. Amortization expense S
Carla Vista Company purchases a patent for $147,200 cash on January 2, 2021. Its legal life is 20 years and its estimated useful life is 8 years. Record the purchase of the patent on January 2, 2021.
Bennet Company purchased a patent from Arnold Company on January 1, 2021 for $450,000. Arnold Company had used the patent for five years prior to selling it to Bennet Company. Assuming Bennet Company plans to use the patent for its full useful life, what amount of amortization expense would Bennet Company record on its 2021 income statement? O $30,000 O $25,000 O $22,500 $37,500 O There is not enough information to answer the question.
41 Reported in the ledger of Mayumi Company On December 31, 2017, is a Patent account with a balance of P120,000, and accumulated amortization of P 60,000. The Patent is being amortized for its useful life of eight years. On July 1, 2018, Mayumi spent P 30,000 to defend the patent against an infringement suit. On January 1, 2019, with the rapid change in technology, the company determined that the patent will be of no value to the company and that a loss on patent obsolescence has to be recognized.How much is the loss on patent obsolescence?
1. A patent was acquired from another company on January 1, 2019, for $25,000.The useful life is 10 years. 2. On April 2, 2019, the company was successful in obtaining a patent. The legal fees paid to an outside law firm were $8,400. The development costs paid to engineers who were employees of Bishop were $75,000. The useful life is 10 years. 3. On July 1, 2019, Bishop acquired all the assets net of the liabilities of Fargo Company. The identifiable net assets' market values at the time of purchase totaled $100,000. Bishop acknowledged the superior earnings and loyal customer following of Fargo Company. Therefore, Bishop and Fargo agreed on a total purchase price of $145,000. Any goodwill arising from the purchase is not to be amortized. 4. On December 31, 2019, Bishop paid a consulting firm $17,000 to develop a trademark. In addition, legal fees paid in connection with the trademark were $3,000. Assume a useful life of 20 years. 5. On August 1, 2019, Bishop acquired intangible asset…
3- Yoon Industries has the following patents on its December 31, 2018, statement of financial position (amounts in thousands). Patent Item Initial Cost Date Acquired Useful Life at Date Acquired 17 years Patent A Patent B W 40,800 March 1,2016 W 15,000 July 1, 2015 W 14,400 September 30, 2017 4; 10 years Patent C Instructions Compute the total carrying amount of Yoon's patents on its December 31, 2018, statement of financial position.
Blackford and Medford Publishing Company own the copyrights on many top authors. On January 5, 2020, Blackford and Medford acquired the copyright on the literary works of Susan Monroe, an underground novelist in the 1960s, for $825,000 cash. Due to a recent resurgence of interest in the 1960s, the copyright has an estimated economic life of 5 years. The residual value is estimated to be zero. Required: 1. Prepare a journal entry to record the acquisition of the copyright. 2. Compute and record the 2020 amortization expense for the copyright.
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