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Prepare all journal entries required

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Reference no: EM132959725

Questions - Mary & David (M&D) Corporation produces variety types of while boards. During 2013, M&D Corporation spent $40,000 in research costs. As a result, a new product called the Smart Board was patented. The patent was obtained on 1 October 2013 and had a legal life of 9 years and a useful life of 8 years. Legal costs of $50,000 related to the patent were incurred as of 1 October 2013. M&D applies IAS 38 Intangible Assets.

Required -

a. Prepare all journal entries required in 2013 and 2014 as a result of the transactions above.

b. On 1 July 2015, M&D spent $15,875 to successfully prosecute a patent infringement suit. As a result, the estimate of useful life was extended to 9 years from 1 July 2015. Prepare all journal entries required in 2015 and 2016.

c. In 2017, M&D determined that a competitor's product would make the Smart Board obsolete and the patent worthless by 31 December 2018. Prepare all journal entries required in 2017 and 2018.

Reference no: EM132959725

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