Reference no: EM132980319
Questions -
Q1. Kleen Company acquired patent rights on January 10 of Year 1 for $2,800,000. The patent has a useful life equal to its legal life of eight years. On January 7 of Year 4, Kleen successfully defended the patent in a lawsuit at a cost of $38,000.
a. Determine the patent amortization expense for Year 4 ended December 31.
b. Journalize the adjusting entry on December 31 of Year 4 to recognize the amortization. If an amount box does not require an entry, leave it blank.
Q2. Backwoods Mining Co. acquired mineral rights for $53,200,000. The mineral deposit is estimated at 19,000,000 tons. During the current year, 2,500,000 tons were mined and sold.
a. Determine the amount of depletion expense for the current year. Round the depletion rate to two decimal places.
b. Journalize the adjusting entry on December 31 to recognize the depletion expense. If an amount box does not require an entry, leave it blank.
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What type of tools or analytic approach is relevant for use
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Outline the process for the development of nursing standards
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How much is the carrying value of the new copyright
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What additional lab assessments would anticipate
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Journalize the adjusting entry on december
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How long has the union been in existence
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Difference between legal and ethical frameworks
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Chronicled the lives of the natives of the new england
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Identify company business strategy
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