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Coronado Biotech enters into a licensing agreement with Pang Pharmaceutical for a drug under development. Coronado will receive a payment of $7,600,000 if the drug receives regulatory approval. Based on prior experience in the drug-approval process, Coronado determines it is 85% likely that the drug will gain approval and a 15% chance of denial.
1) Determine the transaction price of the arrangement for Coronado Biotech.
2) Assuming that regulatory approval was granted on December 20, 2017, and that Coronado received the payment from Pang on January 15, 2018, prepare the journal entries for Coronado. The license meets the criteria for point-in-time revenue recognition.
Linda, who has AGI of 120,000 in 2013, contributes stock in Mauve Corporation (a publicly traded corporation) to the Salvation Army, a qualified charitable organization. The stock is worth $65,000, and Linda acquired it as an investment four years ag..
Corporation for the year ended December 31, 2016 ($ in 000s): sales revenue, $15,300; cost of goods sold, $6,200; selling expenses, $1,300; general and administrative expenses, $800; interest revenue, $85; Prepare Schembri’s single, continuous multip..
In 1998 Chrysler Corp (U.S.) and Daimler Benz (Germany) merged at a cost of $36 billion. Daimler was one of the world’s most profitable automakers. Chrysler was one of America’s big three automakers. Both companies had solid reputations, in their res..
In January, Knox Company requisitions raw materials for production as follows: Job 1 $900.00, Job 2 $1400.00, Job 3 $700.00, and general factory use $600. Prepare a summary journal entry to record raw materials used.
On January 1, x1, Brown Corp initiated a non-contributory defined benefit pension plan for all six employees in its word processing department. The plan benefit formula provides that each year of service earns each employee an annual retirement benef..
If the DKK is the functional currency for the subsidiary, evaluate the translation adjustment for Tran's yearend consolidated financials. Evaluate the economic relevance of this adjustment.
Kerianne paints landscapes, and in late 2016 placed four paintings with a retail price of $180 each in the Holmstrom Gallery. Kerianne’s arrangement with Holmstrom is that Holmstrom will earn a 10% commission on paintings sold to gallery patrons. How..
Winchester Corporation makes printed cloth in two departments: weaving and printing. Currently, all product first moves through the weaving department and then through the printing department before it is sold to retail distributors for $2,500 per ro..
Determine the balance of any current and deferred tax assets and liabilities (using appropriate worksheets) as at 30 June 2014, in accordance with AASB 112. Show all necessary workings.
Compute cost of goods available for sale and the number of units available for sale and compute the number of units in ending inventory.
Below is a list of items that you will need to incorporate into your mass manufacturing business. You are to create a manufacturing plant with 2 separate divisions. Each division will make one type of product (i.e. Textbooks and Pens or Shoes and Pur..
You own an old water skiing motorboat that is a real gas guzzler. It is 10 years old and can be sold now for $3,000 cash. Assume its market value (MV) in 2 years will be $500. The annual maintenance expenses are expected to be $400 into the foreseeab..
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