Reference no: EM132622473
Transactions during 20x9 of the newly organized Baby G Company included the following:
Jan. 2 Paid legal fees of P225,000 and stock certificate costs of P124,500 to complete organization of the corporation.
15 Hired a clown to stand in front of the corporate office for 2 weeks and hand out pamphlets and candy to create goodwill for the new enterprise. Clown cost, P15,000; pamphlets and candy, P7,500.
April 1 Patented a newly developed process with costs as follows:
Legal fees to obtain patent P 643,500
Patent application and licensing fees 95,250
Total P 738,750
It is estimated that in 6 years other companies will have developed improved processes, making the Baby G Company process obsolete.
Acquired both a license to use a special type of container and a distinctive trademark to be printed on the container in exchange for 6,000 shares of Baby G's no-par ordinary shares selling for P75 per share. The license is worth twice as much as the trademark, both of which may be used for 6 years.
July 1 Constructed a shed for P1,965,000 to house prototypes of experimental models to be developed in future research projects.
Dec. 31 Incurred salaries for an engineer and chemist involved in product development totaling P2,625,000 in 20x9.
REQUIREMENTS:
Problem 1. Determine the cost of patent.
Problem 2. Determine the cost of licenses.
Problem 3. Determine the cost of trademark.
Problem 4. Determine the carrying amount of Intangible Assets.
Problem 5. Total amount resulting from the foregoing transactions that should be expensed when incurred.
|
Find after tax return on the two bonds
: Suppose your marginal tax rate was 15% - now what would be your after tax return on each of the two bonds and would your decision now be different?
|
|
How should jack report the amount
: Jack received a Form 1099-DIV. The only amount shown on Form 1099-DIV is in box 2a. How should Jack report amount? Jack should report the amount in box 2a
|
|
What was the your gross trading profit for this security
: Suppose you are a stock dealer and on a given day you maintain a bid price of $1,007.50 for a bond and an ask price of $1,008.75. You made 21 trades
|
|
What do you think drives the increasing cost of healthcare
: What do you think drives the increasing cost of healthcare? What part of the healthcare ecosystem do you think is most inefficient or efficient?
|
|
Determine the carrying amount of intangible assets
: Total amount resulting from the foregoing transactions that should be expensed when incurred. Determine the carrying amount of Intangible Assets.
|
|
Shares of rock creek fly fishing co
: Suppose you short-sell 100 shares of Rock Creek Fly Fishing Co., now selling for $28 per share. If you want to limit your loss to $2,790, you should place a sto
|
|
Discuss how you will evaluate each of the the goals
: Write three specific, measurable, action-oriented, realistic, and time sensitive (SMART) goals for the community health promotion you wish to design, implement.
|
|
T-bills are low risk because the federal government
: Question - T-Bills are low risk because the federal government can do two things corporations cannot do, what are those two things?
|
|
Make the journal entries at June
: On 30 June 2021, the fair value of plant was determined to be $470,000. Make the journal entries at 30 June 2020 and 30 June 2021
|