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Problem 1: Morgan Corporation incurred P298,350 of research and development cost to develop a product for which a patent was granted on January 2. 2011. Legal fees and other costs associated with registration of the patent totaled P 109,200. On January 2, 2017. Moran Company paid P90,000 for legal fees for the litigation put up against the patent. The patent has a useful life 20 years. The final verdict was known only on July 1, 2017 in favor of Morgan Company. What total amount of expense Morgan Company should report in its 2017 profit or loss related to the patent?
How do Determine Gill's AGI for 2020. ?(Assume that the 2019 STCL of $5,000 is before Gill has taken any capital loss deduction in 2019.)
What will the internal rate of return (IRR) be if the exit multiple is 10.0x and the purchase price per share is $1,700 in the bull case
How much higher would Gamesa's pretax income be relative to a firm that reported under US accounting principles? How much higher would total assets be?
The Heating Division of KLM International produces a heating element that it sells to its customers for $45 per unit. Its variable cost per unit is $20, and its fixed cost per unit is $10. Top management of KLM International would like the Heating Di..
Provide the necessary journal entries using the area-of-interest method. Gem Limited commences operations on 1 January 2019. During 2019 Gem Limited explores
A friend has confided in you that they have recently inherited a moderately, What non-quantitative observations can you make about the portfolio?
Joel blocker has just rented space in a strip mall. in this space, he will open a photography studio, to be called Picture this! a friend has advised joel to set up a double-entry set of accounting records in which to record all of his business trans..
How does management decide whether to use a job order cost system or a process cost system in any given manufacturing situation? Explain briefly
What the EPS is approximately? The price of a share of common stock at the end of the year was $5. There were 480,000 shares of preferred stock outstanding
Michelin Jewelers completed the following transactions. Michelin Jewelers uses the perpetual inventory system. On April 2, Michelin sold $9,000 of merchandise to a customer on account with terms of 3/15, n/30. Michelin's cost of the merchandise sold ..
How to Identify the inherent risks for this charitable organization that an auditor of its financial statements would need to consider.
The company will pay these amounts early next year. Show what Potvin will report for the foregoing on its income statement and year-end balance sheet.
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