Murphy Printers (MP) manufactures printers. Assume that MP recently paid $500,000 for a patent on a new laser printer. Although it gives legal protection for 20 years, the patent is expected to provide a competitive advantage for only eight years.  1. Assuming the straight -line method of amortization, make journal entries to record (a) the purchase of the patent and (b) amortization for the first full year.

At January 1, 2024, Café Med leased restaurant equipment from Crescent Corporation under a nine-year lease agreement. • The lease agreement specifies annual payments of $32,000 beginning January 1, 2024, the beginning of the lease, and on each December 31 thereafter through 2031. . The equipment was acquired recently by Crescent at a cost of $243,000 (its fair value) and was expected to have a useful life of 13 years with no salvage value at the end of Its life. . Because the lease term is only 9 years, the asset does have an expected residual value at the end of the lease term of $73,596. Crescent seeks a 9% return on Its lease Investments. . By this arrangement, the lease is deemed to be an operating lease. Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1. FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) Required: 1. What will be the effect of the lease on Café Med's earnings for the first year (ignore taxes)? Note: Enter decreases with negative sign. 2. What…

Bleach Manufacturing purchased a patent from Blond Inc. for $30,000 on January 1, 2023. The patent has 6 years remaining on its term and is expected to bring in revenues to the company for the whole six years. The entry to record one year's amortization for the year ending December 31, 2023, is: Select one: a. Debit Accumulated Amortization-Patents $30,000; credit Amortization Expense-Patents $30,000 b. Debit Accumulated Amortization-Patents $5,000; credit Amortization Expense-Patents $5,000 O c. Debit Amortization Expense-Patents $5,000; credit Accumulated Amortization-Patents $5,000 O d. Debit Amortization Expense-Patents $30,000; credit Accumulated Amortization-Patents $30,000

The company purchased a piece of Equipment on 12/1/2023 for use in its business operations. The company financed this purchase 100% and began using the Equipment immediately. The details of the loan are below: Amount $100,000.00 Interest rate 8% Loan period (months) 24 Payment amount $4, 522.73 Start Date 12/1/23 1. explain why an amortization schedule is important and create one 2. Create the journal entry required to initially record this loan. 3. Create any adjusting entries needed at 12/31/2023. 4. Create the journal entry to record the first payment (assume a 1/1/2024 due date)

Can you help me with this problem with step by step explanation, please?

On June 1, 2024, Tech Company purchased a patent for $252,000 cash. Although the patent gives legal protection for 20 years, the patent is expected to be used for only six years. Read the requirements. Requirement 1. Journalize the purchase of the patent. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Credit Date Accounts and Explanation Debit June 1 Requirements 1. Journalize the purchase of the patent. 2. Journalize the amortization expense for the year ended December 31, 2024. Assume straight-line amortization. Print Done X

Prepare all journal entries and adjusting journal entries necessary to record the information below for year 2022: On November 15, 2022, WTG purchased a patent for $49,500. It used an installment loan to purchase the patent. Payments are due on May 15 and November 15 of every year (so the first payment is due May 15 next year) for the next 5 years. The interest rate is 7%. See amortization table below: ■ Patent Loan Amortization Principal Interest Years Payments/year Payment Date 5/15/23 11/15/23 5/15/24 11/15/24 5/15/25 11/15/25 5/15/26 11/15/26 5/15/27 11/15/27 $49,500 7% 5 2 5,952 Interest Principal Payment Balance 49,500 5,952 45,281 5,952 40,913 5,952 36,393 5,952 5,952 5,952 5,952 5,952 5,952 5,952 1,733 4,219 1,585 4,367 4,520 4,678 4,842 941 5,011 765 5,187 584 5,368 396 5,556 201 5,751 1,432 1,274 1,110 31,715 26,873 21,862 16,675 11,307 5,751 0