Sheridan Industries has the following patents on its December 31, 2024, balance sheet. Patent Item Patent A Patent B Patent C 1 2 Initial Cost 3. $41,820 $15,600 $16,800 Date Acquired 3/1/21 The following events occurred during the year ended December 31, 2025. Research and development costs of $235,000 were incurred during the year. Patent D was purchased on July 1 for $45,372. This patent has a useful life of 91/2 year As a result of reduced demands for certain products protected by Patent B 7/1/22 9/1/23 Useful Life at Date Acquired 17 years 10 years 4 years

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On December 31, it was estimated that a goodwill of $1,500,000was impaired. I addition       on October 1, a patent with an estimated useful life of 10 years was acquired for $750,000.             Required:      Given the above transactions, make the following journal entries:      a.  An adjusting entry on December 31, for impaired goodwill      b.  An adjusting entry on December 31, for the amortization of the patent rights.

Rakesh

Ivanhoe Company, organized in 2022, has these transactions related to intangible assets in that year: Jan. Purchased a patent (5-year life) $305,500. Apr. 1. Goodwill purchased (indefinite life) $338,400. July Acquired a 9-year franchise; expiration date July 1, 2031, $676,800. Sept. 1 Research and development costs $173,900.

am. 1111.

! Required information [The following information applies to the questions displayed below.] Bethany incurred $20,800 in research and experimental costs for developing a specialized product during July 2023. Bethany went through a lot of trouble and spent $10,400 in legal fees to receive a patent for the product in August 2025. Bethany expects the patent to have a remaining useful life of 10 years. Note: Do not round intermediate calculations. b. How much patent amortization expense would Bethany deduct in 2025? Deductible patent amortization expense

Computing Impairment of Intangible Assets Stiller Company had the following information for its three intangible assets. 1. Patent: A patent was purchased for $140,000 on June 30 of Year 1; Stiller estimated the useful life of the patent to be 15 years. On December 31 of Year 3, the estimated future cash flows attributed to the pat were $119,000. The fair value of the patent was $105,000. 2. Trademark: A trademark was purchased for $7,000 on August 31 of Year 2. The trademark is considered to have an indefinite life. The fair value of the trademark on December 31 of Year 3 is $3,500. 3. Goodwill: Stiller recorded goodwill in January of Year 2, related to a purchase of another company. The carrying value of goodwill is $42,000 on December 31 of Year 3. On December 31 of Year 3, the segment for which the goodwill relates had a fair value of $812,000. The book value of the net assets of the segment (including goodwill) is $840,000. a. Classify each of the intangible assets above as a…

Subject : Accounting

On July 10, 20X8, your firm purchases for $126,000 a machine with an estimated useful life of 8 years and a salvage value of $6,000. Your firm uses SYD depreciation and depreciates assets purchased between the 1st and 15th of the month for the entire month and assets purchased after the 15th as though they were acquired the following month. What is 20X1 depreciation expense     $13,333     $11,111     $26,667     $13,889