User Account

All Pages

Amortization of intangible-revision of rate

Assignment Help Accounting Basics
Reference no: EM13954381

Amortization of Intangible, Revision of Rate

During 2009, Maciel Inc.'s research and development department developed a new manu- facturing process. Research and development costs were $350,000. The process was patented on October 1, 2009. Legal costs to acquire the patent were $23,800. Maciel decided to expense the patent over a 20-year time period using the straight-line method. Maciel's fiscal year ends on September 30.

On October 1, 2014, Maciel's competition announced that it had obtained a patent on a new process that would make Maciel's patent completely worthless.

 

Required

1. How should Maciel record the $350,000 and $23,800 costs?

2. How much amortization expense should Maciel report in each year through the year ended September 30, 2014?

3. What amount of loss should Maciel report in the year ended September 30, 2015?

Reference no: EM13954381

Questions Cloud

What is the half-life of this substance : An electron drops from the L shell to the K shell and gives off an X-ray with a wavelength of 0.0205 nm. What is the atomic number of this atom?
Complete the run with the times between 50 and 70 minutes : What is the chance that finishers complete the run with the times between 50 and 70 minutes?
What is the internal rate of return of the investment : What is the internal rate of return of the investment, assuming an inflation rate of 4 percent applicable to labor and costs other than depreciation? Should the company make the investment if its cost of capital is 10 percent?
Calculate the energy, in mev, released in this reaction : Calculate the energy, in MeV, released in this reaction. (4.032 MeV) The abundance of deuterium relative to ordinary hydrogen is 0.016%. This means that in one kg of water, there is 0.0089 mol (or 0.0178 gram) of deuterium. Calculate the energy av..
Amortization of intangible-revision of rate : During 2009, Maciel Inc.'s research and development department developed a new manu- facturing process. Research and development costs were $350,000. The process was patented on October 1, 2009. Legal costs to acquire the patent were $23,800. Maci..
Create a data file using an excel worksheet : Using the survey that you developed in Unit III, choose 10 people in your organization to respond to the survey. If you do not have personnel in your organization to respond or you do not get a favorable response, then you may create fictitious pe..
How many orbits will muon complete during 1.5 microseconds : How many orbits will the muon complete during 1.5 microseconds? Is this a sufficiently large number that the Bohr model "makes sense", even though the muon is not stable?
How the featured business used a pestle tool to analyse : Review Evans and Richardson (2007). Consider how the featured business used a PESTLE tool to analyse its environment. Post the completed PESTLE tool you found through your research or created on your own.
Presentation of your equal rights proposition : Create a comprehensive presentation of your equal rights proposition using the presentation software approved in Week Three.Include the following:

Reviews

Write a Review

Accounting Basics Questions & Answers

  Prepare a performance report for the period

Prepare a performance report for the period showing only the spending variances for each overhead cost category.

  Maintaining an ending finished-goods inventory

Smith, Inc. anticipates sales of 50,000 units, 48,000 units and 51,000 units in July, August and Septemeber, respectively. Company policy is to maintain an ending finished-goods inventory to 40% of the following months sales.

  How long the company owned the asset

A depreciable asset currently has a $24,500 book value. The company owning the asset uses straight-line depreciation. They paid $37,000 for this asset and consider it to have a $2,000 salvage value with a seven year useful life. How long has the c..

  Beth who died in january 2012 was survived by her husband

beth who died in january 2012 was survived by her husband ben. beth and ben were married in 1996. beths federal gross

  Robert and sylvia propose to have their corporation

robert and sylvia propose to have their corporation wolverine universal wu acquire another corporation emu inc. in a

  What affect will foreign accounting standards

omparative analyses can only take place in an environment of stable, static and consistent rules. Your final project will be to synthesize the issues/data previously researched into a single paper.

  Gain or loss on retirement-unamortized premium

Company has bonds outstanding with a par value of $110,000. The unamortized premium on these bonds is $3,400. If the company retired these bonds at a call price of 94, the gain or loss on this retirement is:

  Company changed its method of valuing inventory

1.In 2013, the Barton and Barton Company changed its method of valuing inventory from the FIFO method to the average cost method.

  Understanding the concept of opportunity costs

Stella Ann Freeman is having a difficult time deciding whether or not to purchase a new car. How would understanding the concept of opportunity costs help her make a decision?

  Scott putman owns and operates a lawn care company

Discuss Mr. Putman's actions within the context of the fraud triangle's elements of ethical misconduct that were outlined in Chapter 2.

  Valuation date for the taxpayer estate

Question 1: A taxpayer dies on March 31, 2012. For estate tax purposes, what is the alternate valuation date for the taxpayer's estate?

  Relevant and two non-relevant costs in decision

In this module you are going to have your final application to your organization. Identify a decision that has recently been made or will be made in the near future in your organization. Identify two relevant and two non-relevant costs in this dec..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd