Balance sheet and assuming monthly amortization of patents, Cost Accounting

Assignment Help:

Nieland Industries had one patent recorded on its books as of January 1, 2014. This patent had a book value of $288,000 and a remaining useful life of 8 years. During 2014, Nieland incurred research and development costs of $96,000 and brought a patent infringement suit against a competitor. On December 1, 2014, Nieland received the good news that its patent was valid and that its competitor could not use the process Nieland had patented. The company incurred $85,000 to defend this patent. At what amount should patent(s) be reported on the December 31, 2014, balance sheet, assuming monthly amortization of patents?


Related Discussions:- Balance sheet and assuming monthly amortization of patents

Break Even point, #question.ABC Corportaion produces and sell two products....

#question.ABC Corportaion produces and sell two products. In the most recent month, Product 123 had sales of $33,000 and variable expenses of $15,840. Product 245 had sales of $42,

Sales revenue variance (srv), SALES REVENUE VARIANCE (SRV) The word 'Sa...

SALES REVENUE VARIANCE (SRV) The word 'Sales Variance' is indicated by the expression 'operating profit variance due to sales' by ICMA.  It is described as 'the difference betw

Calculate over applied overhead for last year, The following information re...

The following information relates to Araceli Manufacturing Company: total estimated manufacturing overhead cost at beginning of year $864,000 predetermined overhead rate (based

Estimate the selling price and profit, Slash and Burn is a monopolist that ...

Slash and Burn is a monopolist that can sell its output at these prices and with these total costs:                    Output             Price        Total Cost

Marginal costing and differential costing, MARGINAL COSTING AND DIFFERENTIA...

MARGINAL COSTING AND DIFFERENTIAL COSTING 1.     Differential costing can be used both in case of marginal costing and absorption costing. 2.     In case of marginal costing

Factory Overhead Budget, Factory Overhead Budget This budget represent...

Factory Overhead Budget This budget represents the forecasts of each the production variable and fixed and semi-variable overheads to be incurred throughout the budget period.

Interest earned on down payment, You sell a machine for $600,000. You allow...

You sell a machine for $600,000. You allow the client to pay 1/3 at the time of the sale and 1/3 at the end of year one and 1/3 at the end of year two. The company earns 10% on ass

Marginal cost, Marginal Cost Marginal cost is the change in a firm's co...

Marginal Cost Marginal cost is the change in a firm's cost of production. It is related to a unit change in its output, or the added cost of producing the next unit. The margin

Marginal costing and break evan point analysis, what is marginal costing an...

what is marginal costing and explain concept of marginal costing

Write Your Message!

Captcha
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