Prepare all entries relating to the patent

Assignment Help Accounting Basics
Reference no: EM133135825

Question 1 - Crystal Company summarized the following transactions pertaining to its patent. 2012 Spent P250, 000 for the research and development of the patent.

2013

Jan. 1 - Paid P60, 000 to apply for and obtain right to the patent. The useful life of the patent is 10 years.

2014

Jan. 1 Purchased for P600, 000 a new patent that is expected to prolong the life of the original patent by 6 years.

2015

Dec. 31 A competitor obtained rights to a patent which rendered the entity's patent obsolete.

Required - Prepare all entries relating to the patent from 2012 to 2015.

Question 2 - Sanity Company acquired a copyright to a best seller novel for P285, 000 on January 1, 2012. The copyright has a remaining legal life of 20 years.

Sales of the novel are estimated as follows:

2012 50,000 copies

2013 30,000 copies

2014 10, 000 copies

2015 5,000 copies

Required - Prepare all indicated entries for 2012 and 2013.

Reference no: EM133135825

Questions Cloud

Compute the dollar value of the impact of the policy : The lowest wage at which any worker in the market would be willing to work, is $2. Compute the dollar value of the impact of the policy on employers
Influence the company employment branding : How do these changes at Yahoo influence the company's employment branding?
Possible employers labour relation strategies : 1. Identify and explain any 3 possible employers labour relation strategies
Compute the carrying amount of franchise : On December 31, 2017, the initial services required of the franchise agreement are substantially performed. Compute the Carrying amount of franchise
Prepare all entries relating to the patent : Prepare all entries relating to the patent - Paid P60, 000 to apply for and obtain right to the patent. The useful life of the patent is 10 years
What will the investment be worth : Question - Harry invested $25,500 in a savings account with a rate of 15% compounded monthly, what will the investment be worth in 7 years
Compute the updated current ratio : Purchased a delivery truck for $10,000, paying $2,000 cash and signing a two-year promissory note for the balance. Compute the updated current ratio
What qualifications you have or may need to get the position : Specifically express why you're interested in that career, what qualifications you have or may need to get position, and where you see yourself in this career
Determine how many units of product deal would need : Determine how many units (000) of product Deal would need to be sold next round to break even on the product

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much is a taxable dividend to jane

Current E & P is $35,000. If Buttons pays out a cash distribution to Jane during the current year of $50,000, how much is a taxable dividend to Jane

  What the journal entry to replenish the petty cash will

On January 1st, 2010, "ABC" Company decided to establish a petty cash fund for $250. The journal entry to replenish the petty cash will

  How many products would you have to sell

If the Retail Selling Price for a product is $15 and all of your expenses, including the Cost of Goods, are $10, how many products would you have to sell

  Prepare a consolidated balance sheet worksheet

Greene Company purchased 60 percent of White Corporation's voting shares. Prepare a consolidated balance sheet worksheet in good form as of December 31, 2017.

  Share of thelma net income

Norek Corp. owned 70% of the voting common stock of Thelma Co. On January 2, 2006, Thelma sold a parcel of land to Norek. The land had a book value of $32,000 and was sold to Norek for $45,000. Thelma's reported net income for 2006 was $119,000. W..

  What would be the bank reconciliation for business solutions

The March 31 bank statement shows an ending cash balance of $67,566. What would be the bank reconciliation for Business Solutions

  Prepare master budget including a budgeted income statement

Prepare a master budget including a budgeted income statement, balance sheet, statement of cash receipts and disbursements

  What type of opinion should auditor express in circumstance

What type of opinion should the auditor express in this circumstance? As discussed in Note X to the financial statements, the company is a defendant in lawsuit

  What steps should be taken by louis vuitton

Louis Vuitton is a French manufacturer of high-end handbags, wallets, and suitcases. What steps should be taken by Louis Vuitton

  During april the production department of a process

during april the production department of a process manufacturing system completed a number of units of a product and

  How did rapid expansion of the US economy pave the way

How did rapid expansion of the U.S. economy during the 1920s pave the way for the stock market crash of 1929 and Great Depression of the 1930s?

  Pandora inc makes a rights issue at a subscription price of

pandora inc. makes a rights issue at a subscription price of 5 a share. one new share can be purchased for every two

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!

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