O None of the choices are correct. O $2,000. $4,000. O $0. O $30,000.
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- Kleen Company acquired patent rights on January 10 of Year 1 for $344,000. The patent has a useful life equal to its legal life of eight years. On January 7 of Year 4, Kleen successfully defended the patent in a lawsuit at a cost of $17,000. If required, round your answers to the nearest dollar. Question Content Area a. Determine the patent amortization expense for Year 4 ended December 31.$fill in the blank 88c643fcdfe1040_1 Feedback Area Feedback For intangible assets with finite lives, a company uses the straight-line method to calculate amortization. If a company successfully defends a patent it becomes part of the cost of the patent. If the company loses a lawsuit regarding a patent infringement, then the patent is written off. Question Content Area b. Journalize the adjusting entry on December 31 of Year 4 to recognize the amortization. If an amount box does not require an entry, leave it blank. blank Amortization Expense-Patents…On January 1, 20x1, T Co. purchase a patent from B Inc. for P500,000. Blue has held this patent for 5 years. T estimates that the patent has a remaining useful life of eight years. How much is the patent amortization in 20x1? Please present in good accounting form.1. At the beginning of the current year, Erudite Company acquired three patents. Cost Remaining useful life Remaining legal life Patent X 1,200,000 10 8 Patent Y 2,000,000 10 Patent Z 3,000,000 6 15 Patent Z is believed to be uniquely useful as long as the entity retains the right to use it. The entity successfully defended the right to Patent Y at the middle of the year. Legal fees of P450,000 were incurred in this action. Required: Compute the Total cost of Patent at the end of the Current Year. 2. Center Company acquired three intangible assets before 2020. The entity is preparing financial statements on December 31, 2020. Before that date, no formal financial statements had been prepared and the cost of intangible assets had been charged to operations when acquired. The following intangible assets were accounted for in this manner. Acquisition date January 1, 2016 July 1, 2017 Useful life Cost Copyright 1 Copyright 2 Patent 20 400,000 15 360.000 January 1, 2018 10 500,000 Required:…
- On July 1, 2020, Brandon SE purchased Mills Company by paying $130,000 cash. On July 1, 2020, the fair value of the net assets of Mills Company was as follows. Buildings (net) (4 years remaining useful life) $30,000 Patent (4 years remaining useful life) 10,000 Land 25,000 Accounts receivable 12,000 Cash 50,000 Accounts payable 10,000 What are the effects of this combination transaction on Brandon's statements on 31/12/2020?On Jan. 1, 2022, ABC Co. sold a machinery to XYZ Co. for P1,900,000. Because of the entity's commitments to its customers to provide their needs for the next 4 years, ABC simultaneously leased back the machinery. The transfer of the asset to the buyer qualifies to be accounted for as a sale under IFRS 15. Information relating to this transaction follows:FV of machinery, P2,200,000CA of machinery, P1,700,000Remaining useful life of machinery, 6 yearsLease term, 4 yearsAnnual rent payable at the end of each year, P500,000Market rate of interest, 10%PVF, ordinary annuity, 10%, 4 periods, 3.1699PVF, ordinary annuity, 10%, 6 periods, 4.3553PVF, single payment, 10%, 4 periods, 0.6830PVF, single payment, 10%, 6 periods, 0.5645What amount of lease liability should ABC record on Jan. 1, 2022?On January 1, 2018, Laica Company purchased a patent from an original patentee for P2,400,000. The remaining life of the patent is 15 years but the useful life is only 12 years. On January 1, 2019, the entity paid P550,000 in successfully defending the patent in an infringement suit filed against the entity. On January 1, 2020, an entity acquired a competing patent for P1,500,000. The competing patent has a remaining life of 15 years but it is not used because it was intended to protect the original patent. Assume that the company is an SME. What is the carrying amount of the patent on December 31, 2020?
- On October 1, 2023, Verónica purchased a business. Of the purchase price, $66,000 is allocated to a patent and $396,000 to goodwill. If required, round your intermediate values to nearest dollar and use in subsequent computations. Calculate Verónica's 2023 § 197 amortization deduction.On January 1, 2009, Jonalyn Company purchased a patent from an original patentee for P2,400,000. The remaining legal life of the patent is 15 years but the useful life is only 12 years. On January 1, 2010, the entity paid P550,000 in successfully defending the patent in an infringement suit filed against the entity. On January 1, 2011, the entity acquired a competing patent for P1,500,000. The competing patent has a remaining legal life 15 years but it is not to be used because it was intended to protect the original patent. Question: What is the carrying amount of the patent on December 31, 2011?Bear Web Securities acquired a patent on January 1, 2022 for $68,000. The patent is expected to be of benefit to Bear for 6 years. After using the patent for two year it was determined that an advancement by a competitor would make the patent worthless in 3 years. Required: 1. Record the acquisition of the patent. 2. Record the patents amortization for 2022, 2023, and 2024.
- Aqua Corporation purchases nonresidential real property on May 8, 2018, for $2,080,000. Straight-line cost recovery is taken in the amount of $208,000 before the property is sold on November 27, 2021, for $3,120,000. a. Compute the amount of Aqua's recognized gain on the sale of the realty. b. Determine the amount of the recognized gain that is treated as 5 1231 gain and the amount that is treated as 5 1250 recapture (ordinary income due to § 291). § 1231 gain: § 1250 recapture (ordinary income due to § 291):On January 1, 2018, Don Company purchased a patent from an original patentee for 2,400,000. The remaining legal life of the patent is 15 years but the useful life is only 12 years. On January 1, 2019, the entity paid 550,000 in successfully defending the patent in an infringement suit files against the entity. On January 1, 2020, the entity acquired a competing patent for 1,500,000. The competing patent has a remaining legal life of 15 years but it is not to be used because it was intended to protect the original patent. What is the carrying amount of the patent on Dec 31, 2020? Question 33 options: 3,150,000 3,600,000 3,200,000 3,500,0006.In Jan of 2018, Entity D purchased a patent at a cost of P200,000. Legal and filing fees of P50,000 were paid to acquire the patent. The entity estimated a 10-year useful life for the patent and uses the straight line amortization method for all intangible assets. In 2021, the entity spent P40,000 in legal fees for an unsuccessful defense of the patent. The amount charged to income (expense and loss) in 2021 related to the patent should be:
