1. A patent was purchased on January 2 of Year 1 for $104,000 when the remaining legal life was 16 years. On January 2 of Year 3, Denzel determined that the remaining useful life of the patent was only eight years from the date of its acquisition. 2. On January 1 of Year 3, Denzel Company purchased a second patent for $128,000 cash. At January 1 of Year 3, a total of 6 years of the patent's legal life of 20 years had expired. 3. On June 30 of Year 3, Denzel Company paid a firm $12,800 for a new trademark. Denzel considers the life of the trademark to be indefinite. 4. On November 1 of Year 3, Denzel Company acquired all noncash assets and assumed all liabilities of Lee Company at a cash purchase price of $192,000. Denzel determined that the fair value of the identifiable net assets acquired in the transaction is $187,200. Required a. What is the carrying value of each intangible asset on December 31 of Year 3? Assume no impairment losses were recognized in prior periods. b. What is amortization expense for Year 3? • Note: When answering the following questions, do not round until your final answer. Round your final answer to the nearest whole number. a. Intangible Asset Carrying Value Patent #1 Patent #2 Trademark Goodwill Total $ Amortization expense, Year 3 $ 0 0 0 0 0 0

On January 2 of the current year, a company purchased a patent for $35,000 with a useful life of 10 years.    Prepare the journal entry to amortize the patent at the end of the first year using the general journal.

1. A patent was acquired from another company on January 1, 2019, for $25,000.The useful life is 10 years. 2. On April 2, 2019, the company was successful in obtaining a patent. The legal fees paid to an outside law firm were $8,400. The development costs paid to engineers who were employees of Bishop were $75,000. The useful life is 10 years. 3. On July 1, 2019, Bishop acquired all the assets net of the liabilities of Fargo Company. The identifiable net assets' market values at the time of purchase totaled $100,000. Bishop acknowledged the superior earnings and loyal customer following of Fargo Company. Therefore, Bishop and Fargo agreed on a total purchase price of $145,000. Any goodwill arising from the purchase is not to be amortized. 4. On December 31, 2019, Bishop paid a consulting firm $17,000 to develop a trademark. In addition, legal fees paid in connection with the trademark were $3,000. Assume a useful life of 20 years. 5. On August 1, 2019, Bishop acquired intangible asset…

G Company purchases a patent for $120000 on Jan 1, 2008. It has estimated useful life is 10 years. Prepare journal entry to record patent expense for the first year

Computing Subsequent Carrying Amount of Patents In January of Year 1, Ford Co. purchased a patent from a research institution for $325,000. The patent was estimated to have a useful life of 15 years. In December of Year 2, Ford Co. defended the patent in legal proceedings and successfully retained rights of ownership of the patent. The estimated life of the patent did not change from its original estimate Legal expenses on December 31 were $26,000. Determine the (1) amortization for Year 2, and (2) carrying value of the patent on December 31 of Year 2. Note: Round your final answers to the nearest dollar. 1. Amortization for Year 2 1 2. Carrying value on Dec 31, Year 25 25.214 x 302.572 x

At the beginning of the year, a company acquired a patent for $830,000, and also a trademark for $240,000. They amortize intangible assets with finite useful lives using the straight-line method, no residual value, and a four-year service life.   What is the total amount of amortization expense that would appear in the company's income statement for the first year related to these items?   Amortization expense: ____________

Skysong Industries has the following patents on its December 31, 2024, balance sheet. Patent Item Initial Cost Date Acquired Useful Life at Date Acquired Patent A $41,616 3/1/21 17 years Patent B $15,480 7/1/22 10 years Patent C $16,320 9/1/23 4 years The following events occurred during the year ended December 31, 2025. 1. Research and development costs of $234,000 were incurred during the year. Patent D was purchased on July 1 for $47,196. This patent has a useful life of 91/2 years. 2. 3. As a result of reduced demands for certain products protected by Patent B, a possible impairment of Patent B's value may have occurred at December 31, 2025. The controller for Skysong estimates the expected future cash flows from Patent B will be as follows.

Data related to the acquisition of timber rights and intangible assets during the current year ended December 31 are as follows:   a. On December 31, the company determined that $750,000 of goodwill was impaired.   b. Governmental and legal costs of $1,920,000 were incurred on September 30 in obtaining a patent with an estimated economic life of 12 years. Amortization is to be for one-fourth of a year.   c. Timber rights on a tract of land were purchased for $320,000 on February 4. The stand of timber is estimated at 2,000,000 board feet. During the current year, 500,000 board feet of timber were cut and sold.   Required:   1. Determine the amount of the amortization, depletion, or impairment for the current year for each of the foregoing items. Do not round your intermediate calculation.   Item Impairment, Amortization or Depletion Expense   a.   b.   C.   2. Journalize the adjusting entries to record the amortization, depletion, or impairment for each item. If an amount box does not…