User Account

All Pages

How much is the total patent amortization to be recognized

Assignment Help Accounting Basics
Reference no: EM133055148

Question - Misty Company acquired four patents at the beginning of 2022, as follows:

Acquisition

Cost

Useful life

Remaining legal life

Patent no. 1

P900,000

12 years

15 years

Patent no. 2

1,000,000

5 years

19 years

Patent no. 3

1,260,000

25 years

18 years

Patent no. 4

500,000

4 years

10 years

Patent no. 3 is believed to be uniquely useful as long as the entity retains the right to use it.

The entity became involved in two separate litigations involving Patent No. 2 and Patent no. 4.

The entity successfully defended the right to Patent no. 2 on June 30, 2022. Legal fees of P200,000 were incurred in this action. However, on October 1, 2022, the entity was not able to defend its rights to Patent no. 4 therefore, the outcome of this litigation was unsuccessful. Legal fees of P340,000 were incurred in this action.

Required -

1. How much is the total patent amortization to be recognized in 2022?

2. How much is the total expenses related to patent no. 2 in 2022?

3. How much is the total expenses related to patent no. 4 in 2022?

4. What is the total carrying value of the patents on December 31, 2022?

Reference no: EM133055148

Questions Cloud

Impact of process flowcharting : Describe and explain models that contribute to effective and efficient operations management methodologies in the organization you work for or for a specific de
Journal reflection on topic ideas : What is the cited problem? The problem you want to address has to come from the literature, and be cited, who are saying there are problems.
Psychological contract influences employee motivation : Explain how the changing nature of the psychological contract influences employee motivation?
List all the employees who are managers : List the department name and id for all departments at the lowest level of the building. Show the department name and id as a single column
How much is the total patent amortization to be recognized : However, on October 1, 2022, the entity was not able to defend its rights to Patent no. 4 therefore, How much is the total patent amortization to be recognized
Describe the process of hiring an employees : Describe the process of hiring an employees from the day you discover you have the need to the day they start work.
Explain the packaging well in branding : Look around the grocery store or in your own home (or find packaging on Google images if you don't go out) and find two brands that have packaging that helps to
How you would handle the situation : In 10 sentences or less explain how you would handle the situation and use laws or policies to back up your explanation.
How much should be reported as premium expense : Lancer Company placed a coupon redeemable for a premium in each package of cereal sold at P200. How much should be reported as premium expense

Reviews

Write a Review

Accounting Basics Questions & Answers

  Determine the allocation of central support costs

Allocation and the Sales Function Confusion can arise when cost allocations to one consuming department depend on the activity of another consuming department.

  How does the accounting alternative differ

How does the accounting alternative differ from the measurement requirements for companies that do not (or cannot) elect this treatment

  Determine the estimated inventory loss due to the fire

The April 30, 2016 inventory value was $800,000. Using the Gross Profit Method determine the estimated inventory loss due to the fire

  What is the amount of dividend per share

On January 20, 2020, 10,000 common shares were issued for $150,000. What is the amount of dividend per share owing to preferred shareholders

  Preparing the disclosure statements for these items

In the beginning of 2012, Ken Corp changed its salvage value of equipment from 3 to 5 years. The change is material in the financial statements.

  Question - Risk Analysis of Craft Brew Alliance

Question - Risk Analysis of Craft Brew Alliance (CBA) Economic - is the foreign country in a recession? Would craft beer be considered a luxury item

  For each of the transactions on the previous page record

express dining inc. edi is a food delivery service which connects consumers with several restaurants. customers call

  Cambria owns equipment that cost 93500 with accumulated

cambria owns equipment that cost 93500 with accumulated depreciation of 64000. cambria asks 35000 for the equipment but

  The city of mcneely sold bonds in the amount of 10000000 to

the city of mcneely sold bonds in the amount of 10000000 to finance the construction of a public health center. the

  Explain why the management of regis steel division would

raddington industries produces tools and die machinery for various manufacturers. 2 years ago the company expanded

  Estimate the total cost in the next month

Estimate the total cost in the next month if the number of shipped units - Use the high-low method to find the cost formula

  Determine the interest paid on certified indebtedness amount

MCC is $100,000, and the mortgage interest paid during the year is $6,500. Determine the interest paid on the certified indebtedness amount.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd