FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Your answer has been saved. See score details after the due date. Compute the total carrying amount of Bramble's patents on its December 31, 2024, balance sheet. (Round answer to O decimal places,e.g. 5,125.) Total carrying amount $ (b) eTextbook and Media 59,266 Total carrying amount Attempts: 1 of 1 used Compute the total carrying amount of Bramble's patents on its December 31, 2025, balance sheet. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answer to O decimal places e.g. 58,971.)
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Transcribed Image Text:Your answer has been saved. See score details after the due date. Compute the total carrying amount of Bramble's patents on its December 31, 2024, balance sheet. (Round answer to O decimal places,e.g. 5,125.) Total carrying amount $ (b) eTextbook and Media 59,266 Total carrying amount Attempts: 1 of 1 used Compute the total carrying amount of Bramble's patents on its December 31, 2025, balance sheet. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answer to O decimal places e.g. 58,971.)
Bramble Industries has the following patents on its December 31, 2024, balance sheet. Patent Item Patent A Patent B Patent C 1. 2. The following events occurred during the year ended December 31, 2025. 3. Initial Cost $43,248 $16,440 $20,210 Year 2026 2027 2028 Date Acquired 3/1/21 7/1/22 9/1/23 Useful Life at Date Acquired 17 years 10 years 4 years Research and development costs of $242,000 were incurred during the year. Patent D was purchased on July 1 for $43,548. This patent has a useful life of 9¹/2 years. Expected Future Cash Flows 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 Bramble estimates the expected future cash flows from Patent B will be as follows. $1,950 1,950 1,950 The proper discount rate to be used for these flows is 8%. (Assume that the cash flows occur at the end of the year.) Click here to view factor tables.
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Transcribed Image Text:Bramble Industries has the following patents on its December 31, 2024, balance sheet. Patent Item Patent A Patent B Patent C 1. 2. The following events occurred during the year ended December 31, 2025. 3. Initial Cost $43,248 $16,440 $20,210 Year 2026 2027 2028 Date Acquired 3/1/21 7/1/22 9/1/23 Useful Life at Date Acquired 17 years 10 years 4 years Research and development costs of $242,000 were incurred during the year. Patent D was purchased on July 1 for $43,548. This patent has a useful life of 9¹/2 years. Expected Future Cash Flows 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 Bramble estimates the expected future cash flows from Patent B will be as follows. $1,950 1,950 1,950 The proper discount rate to be used for these flows is 8%. (Assume that the cash flows occur at the end of the year.) Click here to view factor tables.
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