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(d) Your answer is partially correct. In 2025, Blue determined that a competitor's product would make the New Age Piano obsolete and the patent worthless by December 31, 2026. Prepare all journal entries required in 2025 and 2026. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Date Account Titles and Explanation 2025 Amortization Expense Patents 2026 V Amortization Expense Patents Debit Credit During 2021, Blue Corporation spent $145,440 in research and development costs. As a result, a new product called the New Age Piano was patented. The patent was obtained on October 1, 2021, and had a legal life of 20 years and a useful life of 10 years. Legal costs of $19,440 related to the patent were incurred as of October 1, 2021. (a) Your answer is correct. Prepare all journal entries required in 2021 and 2022 as a result of the transactions above. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries. Record entries in the order displayed in the problem statement.) Date Account Titles and Explanation 121 Research and Development Expense 021 021 V 122 V Cash (To record research and development expenses) Patents cash (To record legal expenses) Amortization Expense Patents (To record amortization expense) Amortization Expense Patents Debit 145440 19440 486 1944 Credit 145440 19440 486 1944

(d) Your answer is partially correct. In 2025, Blue determined that a competitor's product would make the New Age Piano obsolete and the patent worthless by December 31, 2026. Prepare all journal entries required in 2025 and 2026. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Date Account Titles and Explanation 2025 Amortization Expense Patents 2026 V Amortization Expense Patents Debit Credit During 2021, Blue Corporation spent $145,440 in research and development costs. As a result, a new product called the New Age Piano was patented. The patent was obtained on October 1, 2021, and had a legal life of 20 years and a useful life of 10 years. Legal costs of $19,440 related to the patent were incurred as of October 1, 2021. (a) Your answer is correct. Prepare all journal entries required in 2021 and 2022 as a result of the transactions above. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries. Record entries in the order displayed in the problem statement.) Date Account Titles and Explanation 121 Research and Development Expense 021 021 V 122 V Cash (To record research and development expenses) Patents cash (To record legal expenses) Amortization Expense Patents (To record amortization expense) Amortization Expense Patents Debit 145440 19440 486 1944 Credit 145440 19440 486 1944

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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(d) Your answer is partially correct. In 2025, Blue determined that a competitor's product would make the New Age Piano obsolete and the patent worthless by December 31, 2026. Prepare all journal entries required in 2025 and 2026. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Date Account Titles and Explanation 2025 Amortization Expense Patents 2026 V Amortization Expense Patents Debit Credit
Transcribed Image Text:(d) Your answer is partially correct. In 2025, Blue determined that a competitor's product would make the New Age Piano obsolete and the patent worthless by December 31, 2026. Prepare all journal entries required in 2025 and 2026. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Date Account Titles and Explanation 2025 Amortization Expense Patents 2026 V Amortization Expense Patents Debit Credit
During 2021, Blue Corporation spent $145,440 in research and development costs. As a result, a new product called the New Age Piano was patented. The patent was obtained on October 1, 2021, and had a legal life of 20 years and a useful life of 10 years. Legal costs of $19,440 related to the patent were incurred as of October 1, 2021. (a) Your answer is correct. Prepare all journal entries required in 2021 and 2022 as a result of the transactions above. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries. Record entries in the order displayed in the problem statement.) Date Account Titles and Explanation 121 Research and Development Expense 021 021 V 122 V Cash (To record research and development expenses) Patents cash (To record legal expenses) Amortization Expense Patents (To record amortization expense) Amortization Expense Patents Debit 145440 19440 486 1944 Credit 145440 19440 486 1944
Transcribed Image Text:During 2021, Blue Corporation spent $145,440 in research and development costs. As a result, a new product called the New Age Piano was patented. The patent was obtained on October 1, 2021, and had a legal life of 20 years and a useful life of 10 years. Legal costs of $19,440 related to the patent were incurred as of October 1, 2021. (a) Your answer is correct. Prepare all journal entries required in 2021 and 2022 as a result of the transactions above. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries. Record entries in the order displayed in the problem statement.) Date Account Titles and Explanation 121 Research and Development Expense 021 021 V 122 V Cash (To record research and development expenses) Patents cash (To record legal expenses) Amortization Expense Patents (To record amortization expense) Amortization Expense Patents Debit 145440 19440 486 1944 Credit 145440 19440 486 1944
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