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Problem - Fields Laboratories holds a valuable patent (No. 758-6002-1A) on a precipitator that prevents certain types of air pollution. Fields does not manufacture or sell the products and processes it develops. Instead, it conducts research and develops products and processes which it patents, and then assigns the patents to manufacturers on a royalty basis. Occasionally it sells a patent. The history of Fields patent number 758-6002-1A is as follows.
Fields assumed a useful life of 17 years when it received the initial precipitator patent. On January 1, 2016, it revised its useful life estimate downward to 5 remaining years. Amortization is computed for a full year if the cost is incurred prior to July 1, and no amortization for the year if the cost is incurred after June 30. The company's year ends December 31.
Compute the carrying value of patent No. 758-6002-1A on each of the following dates:
(a) December 31, 2011
(b) December 31, 2015
(c) December 31, 2018
If a firm borrows $8,000 to finance the purchase of a new machine. The loan is to be repaid in 7 annual installments at the end of each of the next 7 years, and the interest rate on the loan is 12%. Calculate the annual payment, rounded to the nea..
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the following selected account balances were taken from buckeye companys general ledger at january 1 2005 and december
Calculate the annual rental - determine the amount to be capitalized by Lessor
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