3.  Paris paid Cherry $333,333 on 12/31/2020 for the exclusive right to market a particular product using the Cherry Co name and logo in promotional material. The franchise follows the rules of Going Concern. Paris also spent $600,000 on 12/31/2020 in developing a new manufacturing process. Its application for a patent is submitted. Paris believes it will be successful In January of 2021 Paris application for a patent was granted.  Legal and registrations costs incurred were $ 210,000.  The patent runs for 20 years.  But the manufacturing process will only be useful to Paris for 10 years What is the impact on net income related to the $210,000 of costs for the patent?

Novaklimited has a trademark with a carrying amount of $84,000, and expected useful life of 15 years. As part on December 31, 2020, due to a change in customer tastes, Novak gathered the following data about the trademark for the purposes of an impairment test: fair value $44,400: fair value less costs to sell $41.100; value in use $95,700; and undiscounted future cash flows $129,000. Assume that Novak is reporting under IFRS. Determine if the trademark is impaired on December 31, 2020. Trademark is

Denger

Leonard Co. sells $600,000 (cost $480,000) of vehicles to a local car dealer, Carlson Inc. The vehicles were ready to go when the contract was signed on May 31, 2021 and title passed to Carlson at that date. Carlson was undergoing a significant renovation to its dealership at the time and as a result, Carlson requested that Leonard retain the vehicles at its warehouse until July 15, 2021. Payment was made in full on June 30, 2021. At what date can Leonard Co. recognize the revenue relating to the sale of the vehicles?

Tulane tires wrote a contract for $100,000 sale to the new Garden district tour company. Tulane only appreciates greater than 50% chance that Garden will be able to pay the amount that Tulane is entitled to receive under contract. Upon delivery of the tires, assuming no payment has yet been made by Gardens, how much revenue should Tulane recognized under U.S. IFRS?

Meyer & Smith is a full-service technology company. They provide equipment, installation services as well as training. Customers can purchase any product or service separately or as a bundled package. Sunland Corporation purchased computer equipment, installation and training for a total cost of $ 135405 on March 15, 2021. Estimated standalone fair values of the equipment, installation and training are $ 88500, $ 44400 and $ 26400 respectively. The journal entry to record the transaction on March 15, 2021 will include a O credit to Sales Revenue for $ 135405. O credit to Unearned Service Revenue of $ 22440. O debit to Unearned Service Revenue of $ 26400. O credit to Service Revenue of $ 44400.

Furtastic manufactures imitation fur garments. On June 1, 2024, Furtastic made a sale to Willett's Department Store under terms that require Willett to pay $220,000 to Furtastic on June 30, 2024. In a separate transaction on June 15, 2024, Furtastic purchased brand advertising services from Willett for $26,000. The fair value of those advertising services is $12,000. Furtastic expects that 3% of all sales will prove uncollectible. Required: 1. Prepare the journal entry to record Furtastic's sale on June 1, 2024. 2. Prepare the journal entry to record Furtastic's purchase of advertising services from Willett on June 15, 2024. Assume all of the advertising services are delivered on June 15, 2024. 3. Prepare the journal entry to record Furtastic's receipt of $220,000 from Willett on June 30, 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet

Swifty Company incurred $551000 of research and development cost in its laboratory to develop a patent granted on January 1, 2027. On July 31, 2027, Swifty paid $83600 for legal fees in a successful defense of the patent. The total amount debited to Patents through July 31, 2027, is