User Account

All Pages

What amount should Genuine report as gain from sale

Assignment Help Accounting Basics
Reference no: EM132600105

Question - Genuine Company was granted a patent on January 1, 2020, and appropriately capitalized P450,000 of related costs. Genuine was amortizing the patent over its estimated life of 15 years. During 2023, Genuine paid P150,000 in legal costs in successfully defending an attempted infringement of the patent. After the legal action was completed, Genuine sold the patent to the plaintiff for P750,000. Genuine's policy is to take no amortization in the year of disposal. In its 2023 income statement, what amount should Genuine report as gain from sale of patent?

Reference no: EM132600105

Questions Cloud

Find the area of the cross section : Find the area of the cross section at which water has speed 8 m/s. Give your answer in m
How much should be recognized as the cost of the new machine : Cash allowance granted because the new machine proved to be of inferior quality - P100,000. How much should be recognized as the cost of the new machine
What is the discounted selling price of the? firm : Issue? $5,000,000 of commercial paper with a 6 - month maturity at? 99% of par value. What is the discounted selling price of the? firm's commercial? paper?
Determining the conserved physical quantity : Kirchhoff's Rules are actually two conservation rules each for a different conserved physical quantity. Explain why this is the case.
What amount should Genuine report as gain from sale : Genuine Company was granted a patent on January 1, 2020, what amount should Genuine report as gain from sale of patent
How much expected total variable cost on the august budget : If product and sales are budgeted to change to 150 chairs in August, how much is the expected total variable cost on the August budget?
Determine how much profit increases or decreases : Variable Cost , Stellar Company has the sales, variable cost, and fixed cost. If sales increase by $10,000 than their profit increases/decreases by how much?
Why does the hydrogen atom produce a large number of lines : Why does the hydrogen atom produce a large number of lines, whereas it only has one electron?
Calculate the number of barrels each party would receive : REQUIRED (Must show work in details): Assuming 30,000 gross BBLs of oil, Calculate the number of barrels each party would receive

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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