Patent: Patent is a right that is exclusively granted by the Government to an individual or firm to process or design, to make, use or sell its invention for a limited period. It protects the right of the inventor from doing so by any other individual till the granted period expires. Amortization: It is the process of allocating the value of the intangible assets over its definite estimated useful life. the patent amortization expense for the 2016 ended December 31.

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General Accounting

Answer 1

Question

Chapter 9, Problem 9.20EX

a.

To determine

Patent: Patent is a right that is exclusively granted by the Government to an individual or firm to process or design, to make, use or sell its invention for a limited period. It protects the right of the inventor from doing so by any other individual till the granted period expires.

Amortization: It is the process of allocating the value of the intangible assets over its definite estimated useful life.

the patent amortization expense for the 2016 ended December 31.

b.

To determine

To Journalize: the adjusting entry on December 31 of 2016 to recognize the amortization.

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Answer 2

Question

Chapter 9, Problem 9.20EX

a.

To determine

Patent: Patent is a right that is exclusively granted by the Government to an individual or firm to process or design, to make, use or sell its invention for a limited period. It protects the right of the inventor from doing so by any other individual till the granted period expires.

Amortization: It is the process of allocating the value of the intangible assets over its definite estimated useful life.

the patent amortization expense for the 2016 ended December 31.

b.

To determine

To Journalize: the adjusting entry on December 31 of 2016 to recognize the amortization.

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Answer 3

Question

Chapter 9, Problem 9.20EX

a.

To determine

Patent: Patent is a right that is exclusively granted by the Government to an individual or firm to process or design, to make, use or sell its invention for a limited period. It protects the right of the inventor from doing so by any other individual till the granted period expires.

Amortization: It is the process of allocating the value of the intangible assets over its definite estimated useful life.

the patent amortization expense for the 2016 ended December 31.

b.

To determine

To Journalize: the adjusting entry on December 31 of 2016 to recognize the amortization.

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Answer 4

Question

Chapter 9, Problem 9.20EX

a.

To determine

Patent: Patent is a right that is exclusively granted by the Government to an individual or firm to process or design, to make, use or sell its invention for a limited period. It protects the right of the inventor from doing so by any other individual till the granted period expires.

Amortization: It is the process of allocating the value of the intangible assets over its definite estimated useful life.

the patent amortization expense for the 2016 ended December 31.

b.

To determine

To Journalize: the adjusting entry on December 31 of 2016 to recognize the amortization.

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Answer 5

Chapter 9, Problem 9.20EX

a.

To determine

Patent: Patent is a right that is exclusively granted by the Government to an individual or firm to process or design, to make, use or sell its invention for a limited period. It protects the right of the inventor from doing so by any other individual till the granted period expires.

Amortization: It is the process of allocating the value of the intangible assets over its definite estimated useful life.

the patent amortization expense for the 2016 ended December 31.

b.

To determine

To Journalize: the adjusting entry on December 31 of 2016 to recognize the amortization.

Answer 6

Chapter 9, Problem 9.20EX

a.

To determine

Patent: Patent is a right that is exclusively granted by the Government to an individual or firm to process or design, to make, use or sell its invention for a limited period. It protects the right of the inventor from doing so by any other individual till the granted period expires.

Amortization: It is the process of allocating the value of the intangible assets over its definite estimated useful life.

the patent amortization expense for the 2016 ended December 31.

Answer 7

Chapter 9, Problem 9.20EX

a.

To determine

Patent: Patent is a right that is exclusively granted by the Government to an individual or firm to process or design, to make, use or sell its invention for a limited period. It protects the right of the inventor from doing so by any other individual till the granted period expires.

Amortization: It is the process of allocating the value of the intangible assets over its definite estimated useful life.

the patent amortization expense for the 2016 ended December 31.

Answer 8

b.

To determine

To Journalize: the adjusting entry on December 31 of 2016 to recognize the amortization.

Answer 9

b.

To determine

To Journalize: the adjusting entry on December 31 of 2016 to recognize the amortization.

Answer 10

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Answer 21

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Solution Summary: The author analyzes the patent amortization expense for the 2016 ended December 31. Patent is an asset and decreased by 105,500.

To Journalize: the adjusting entry on December 31 of 2016 to recognize the amortization.

Chapter 9 Solutions