On January 2, 2019, Adelphi Company purchased a patent for $275,000 plus $9,000 in legal fees. On that date, the patent had a remaining legal life of 13 years. Adelphi Company expects to use the patent for 5 years after which time it will be worthless. How much is the annual amortization expense for 2019?

Ayayai Corporation purchases a patent from Blossom Company on January 1, 2025, for $63,000. The patent has a remaining legal life of 14 years. Ayayai estimates the patent will have a useful life of 10 years, based on expected product innovations in the market. Prepare Ayayai's journal entries to record the purchase of the patent and 2025 amortization. (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.) Account Titles and Explanation (To record purchase of patents) (To record amortization of patents) Debit Credit

Taylor Swift Corporation purchases a patent from Salmon Company on January 1, 2025, for $54,000. The patent has a remaining legal life of 16 years. Taylor Swift estimates the patent will have a useful life of 10 years, based on expected product innovations in the market. Prepare Taylor Swift's journal entries to record the purchase of the patent and 2025 amortization. (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.) Account Titles and Explanation Patents cash (To record purchase of patents) Amortization Expense Patents (To record amortization of patents) Debit 24,000 8400 Credit 24,000 24,000

On March 1, 2020, Tebow Company purchased a patent for $158,000 cash. Although the patent gives legal protection for 19 years, the patent will be used for only 2 years. Assume straight-line amortization. Amortization per unit (Cost Res. Value)/Time = Amortization per year Amortization per year X portion of year = Amortization Journalize a) the purchase of the patent, and b) the amortization expense of the patent as of December 31, 2020. Date a b Check All Parts Description Debit Credit

On September 1, 2019, Jordan, Inc. acquired a patent for $600,000. The patent has 16 years remaining in its legal life. However, Jordan, Inc. expects the patent's technology to have a useful life of 8 years. Prepare the journal entries to record the acquisition of the patent and the amortization expense for 2019. Date Account Debit Credit

Hello Corporation purchased a patent for $90,000 on September 1, 2020. It had a useful life of 10 years. On January 1, 2022, Hello spent $22,000 to successfully defend the patent in a lawsuit. Hello feels that as of that date, the remaining useful life is 5 years.   Calculate the amount that should be reported for patent amortization expense for 2022.

In January of 2021, the Phillips Company purchased a patent at a cost of $100,000. The company estimated a 10-year useful life for the patent and uses the straight-line amortization method. what the amount charged to amortization expense related to the patent for 2021 should be

Manatee Corporation purchased a special conveyor system on December 31, 2025. The purchase agreement stipulated that Manatee should pay $50,000 at the time of purchase and $15,000 at the end of each of the next 5 years. The conveyor system should be recorded on December 31, 2025, at what amount, assuming an appropriate interest rate of 8%?

Ruby Ltd. purchased a patent for $450,000 on September 1, 2020. It had a useful life of 10 years. On January 1, 2022, Ruby spent $220,000 to successfully defend the patent in a lawsuit. Ruby feels that as of that date, the remaining useful life is 5 years.  What amount should be reported for patent amortization expense for 2022? $

Indigo Corporation purchases a patent from Sandhill Company on January 1, 2020, for $54,000. The patent has a remaining legal life of 12 years. Indigo feels the patent will be useful for 10 years. Prepare Indigo’s journal entries to record the purchase of the patent and 2020 amortization.