Compute the total carrying amount of Metlock's patents on its December 31, 2025 balance sheet. (2024 carrying amount is $56,994.) Please don't give image format
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- (17). Tahir Industries has the following patents on its December 31, 2021, balance sheet. Patent Item Initial Cost Date Acquired Useful Life at Date Acquired Patent A $ 48,000 3/1/18 20 years $ 19,200 $ 16,800 Patent B 7/1/19 10 years Patent C 9/1/20 8 years The following events occurred during the year ended December 31, 2022. (1). Research and development costs of $347,000 were incurred during the year. (2). Patent D was purchased on July 1 for $10,800. This patent has a useful life of 12 years. (3). As a result of reduced demands fo certain products protected by Patent B, a possible im airment of Patent B's value may have occurred at Decem ber 31, 2022. The controller for Tahir estimates the future cash flows from Patent B will be as follows. Year Expected Future Cash Flows 2023 $2,500 2024 2,500 2025 2,500 The prop discount rate to be used for these cash flows is 8%. (Assume that the cash flows occur at the end of the year.) (Annuity Factor @ 8% for 3 yrs = $2.57710) Instructions…At December 31, 2020, Green company had three existing patents shown below: Date Acquired Cost Useful life Patent A February 14, 2016 P 150,000 8 years Patent B January 3, 2019 210,250 10 years Patent C July 1, 2019 72,000 5 years During 2021, the company had the following transactions and assessments: Due to the emerging competition relating to the product being manufactured in Patent A, it is expected that the right will be useful only in 2021 and 2022. Patent B is believe to be uniquely useful as long as the company retains the right to use it. On June 1, 2021, the company unsuccessfully attempted to defend its right to Patent C. Legal fees of P15,000 was incurred in this action. The asset was immediately derecognized in the accounts. The company’s policy is to take full year amortization in the year of acquisition and no amortization in the year of derecognition using straight-line method. How…Consider the following information from a company's records for 2020: Materials used in research and development projects Equipment acquired that will have alternative future uses in future R&D projects for five years Personnel costs of employees involved in R&D projects Consulting fees paid to outsiders for R&D projects Indirect costs reasonably allocable to R&D projects Legal fees associated with registration of a patent resulting from a 2020 R&D project Required: a. b. $4,500 1,500 5,500 2,800 260 2,400 Compute the amount of R&D costs that should be classified as expenses in determining 2020 net income. For any listed item not included in your answer to requirement 1. provide the rationale for not expensing it.
- Presented below is information related to a copyright owned by Mare Company at December 31, 2020. Cost $8,600,000 Carrying amount 4,300,000 Expected future net cash flows 4,000,000 Fair value 3,200,000 Assume that Mare Company will continue to use this copyright in the future. As of December 31, 2020, the copyright is estimated to have a remaining useful life of 10 years. Instructions a. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2020. The company does not use accumulated amortization accounts. b. Prepare the journal entry to record amortization expense for 2021 related to the copyright. c. The fair value of the copyright at December 31, 2021, is $3,400,000. Prepare the journal entry (if any) necessary to record the increase in fair value.Prepare journal entries for acquisition of patent, amortization of patent on December 31 and entries for impaired goodwill as on December 31 for the patent which was acquired with the amount of P1,500,000 by Roby Co on April 1 with life of 12 yrs. The company has estimated that the goodwill amounted to P600,000 was inpaired as on December 31. EXE.2.2Accounting for Various Intangible Costs: Amortization, Change in Accounting Estimate Munn Inc. reported other noncurrent asset account balances on December 31, 2020, as follows. Patent $672,000 Accumulated amortization (84.000) Net patent $588,000 Transactions during 2021 and other information relating to Munn’s other noncurrent assets include the following. 1. The patent was purchased from Grey Company on January 2, 2019, when the remaining legal life was 16 years. On January 1, 2021, Munn determined that the remaining useful life of the patent was only eight years from the date of its acquisition. 2. On January 1, 2021, in connection with the purchase of a trademark from Cody Corp., the parties entered into a noncompetition agreement. Munn paid Cody $2,800,000, of which 75% related to the trademark and 25% reflected Cody’s agreement not to compete for a period of five years in the line of business covered by the trademark. Munn considers the life of the trademark to be…
- Paleota Company purchased a patent from Finise for $234,000. At the time of purchase, the patent had a remaining useful life of 10 years. Determine the patent amortization expense for the first year. O $23,400 O $23,000 O $14,000 O $9,800On April 1, a patent with an estimated useful economic life of 12 years was acquired for $100,800. In addition, on December 31, it was estimated that goodwill of $27,500 was impaired. a. Record the acquisition of patent. If an amount box does not require an entry, leave it blank. April 1 Patents fill in the blank eea2f202506803f_2 fill in the blank eea2f202506803f_3 Cash fill in the blank eea2f202506803f_5 fill in the blank eea2f202506803f_6 b. Journalize the adjusting entry on December 31 for the amortization of the patent rights. Do not round intermediate calculations. If an amount box does not require an entry, leave it blank. Dec. 31 fill in the blank 502bbf0b5fa3fbc_2 fill in the blank 502bbf0b5fa3fbc_3 fill in the blank 502bbf0b5fa3fbc_5 fill in the blank 502bbf0b5fa3fbc_6 c. Journalize the adjusting entry on December 31 for the impaired goodwill. If an amount box does not require an entry, leave it blank. Dec. 31 fill…The net income reported on the income statement for the current year was $262,454. Depreciation recorded on fixed assets and amortization of patents for the year were $44,908 and $11,220, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: End Beginning Cash $40,154 $64,701 Accounts Receivable 125,905 107,000 Inventories 105,092 93,416 Prepaid Expenses 3,045 7,177 Accounts Payable (merchandise creditors) 53,067 66,334 What is the amount of cash flows from operating activities reported on the statement of cash flows prepared by the indirect method?
- Bleach Manufacturing purchased a patent from Blond Inc. for $30,000 on January 1, 2023. The patent has 6 years remaining on its term and is expected to bring in revenues to the company for the whole six years. The entry to record one year's amortization for the year ending December 31, 2023, is: Select one: a. Debit Accumulated Amortization-Patents $30,000; credit Amortization Expense-Patents $30,000 b. Debit Accumulated Amortization-Patents $5,000; credit Amortization Expense-Patents $5,000 O c. Debit Amortization Expense-Patents $5,000; credit Accumulated Amortization-Patents $5,000 O d. Debit Amortization Expense-Patents $30,000; credit Accumulated Amortization-Patents $30,000show how this patent is reported on the balance sheet at the end of the first year BE10-14 Information related to property, plant, and equipment, natural resources, and intangibles at December 31, 2002 for Joker Company is as follows: buildings, $800,000; accumulated amortiza- tion—buildings, $650,000; goodwill, $410,000; coal mine, $200,000; and accumulated amortization— coal mine, $108,000. Prepare a partial balance sheet for Joker Company for these items. woots of ICS 1949Worldwide Fuels, a public limited company, is preparing its financial statements for the year ending 31 December 2020. The exhibits contain information relevant to the question. Exhibit 1- Construction of energy generating facility On 1 February 2020 Worldwide Fuels started the construction of an energy generating facility. The following costs were incurred during the construction: £000 Freehold land Site preparation 1,500 725 Materials 3,500 8,250 1,000 Direct labour costs Legal fees General overheads 575 To aid construction of the energy generating facility, Worldwide Fuels issued a £10 million unsecured loan on 1 February 2020. The loan carried an interest rate of 15% per annum and is repayable on 1 February 2025. On 30 June 2020, Worldwide Fuels finalised the construction of the energy generating facility. The facility was brought into use on 1 August 2020. The facility has an expected useful economic life of 30 years and that it will have no residual value at that date. Worldwide…