Kingbird Industries has the following patents on its December 31, 2024, balance sheet: Patent Item Patent A Patent B 1. 2 Patent C 3. Initial Cost $48,000 $19,200 $16,800 Date Acquired 3/1/21 7/1/22 The following events occurred during the year ended December 31, 2025. 9/1/23 Useful Life at Date Acquired 20 years 10 years 8 years Research and development costs of $361,400 were incurred during the year. Patent D was purchased on July 1 for $11.520. This patent has a useful life of 12 years. 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 Kingbird estimates the future cash flows from Patent B will be as follows:

Kingbird Industries has the following patents on its December 31, 2024, balance sheet: Patent Item Patent A Patent B 1. 2 Patent C 3. Initial Cost $48,000 $19,200 $16,800 Date Acquired 3/1/21 7/1/22 The following events occurred during the year ended December 31, 2025. 9/1/23 Useful Life at Date Acquired 20 years 10 years 8 years Research and development costs of $361,400 were incurred during the year. Patent D was purchased on July 1 for $11.520. This patent has a useful life of 12 years. 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 Kingbird estimates the future cash flows from Patent B will be as follows:

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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