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(a) Tandem Industries purchased a patent on January 1, 2014, for $2,000,000. The patent's legal life is 20 years but the company estimates that the patent's useful life will only be 5 years from the date of acquisition. On June 30, 2014, the company paid legal costs of $135,000 in successfully defending the patent in an infringement suit. Prepare the journal entry to amortize the patent at year end on December 31, 2014.
(b) Seminole Partners purchased a franchise from Unhealthy Food Company for $400,000 on January 1, 2014. The franchise is for an indefinite time period and gives Seminole Partners the exclusive rights to sell Unhealthy Chicken Wings in a particular territory. Record the journal entry to record the acquisition of the franchise and any necessary adjusting entry at year end on December 31, 2014.
(c) Young Corporation incurred research and development costs of $500,000 in 2014 in developing a new product. Record the necessary journal entries during 2014 to record these events and any adjustments at year end on December 31, 2014.
Ocean view Wholesale Merchandise had 20,000 shares of 6%, $20 par value preferred stock and 15,000 shares of $25 par value common stock outstanding throughout 2014. Assuming that total dividends declared in 2014 were $80,000 and that the preferred st..
question on 1st january 2011 phoenix co. acquired 100 of the outstanding voting shares of sedona inc. for 600000 cash.
What was the variable overhead spending variance for the month - what was the variable overhead efficiency variance for the month?
how would you reply to your coworker? consider the following items in your discussion1.do the tools help only in
Prepare Poon Industries' balance sheet as of June 30, 2012 on the answer sheet presented on the next page. If an account should not appear on Poon's balance sheet, put XXX in the blank for the account on the answer sheet.
Examine the current roles and responsibilities of Durango's audit committee members, and propose a model for your company to improve the effectiveness of the audit committee and thus ensure effective corporate governance.
What do you debit and credit for a journal entry for this? The rascal bar jetters were billed 303.80 plus sales tax (8%) for accessories installed for no charge on their racing craft.
What is the interest rate, to the nearest percent, used in discounting this purchase transaction and what is the amount Dubois will receive on the sale of the note?
What is the smallest value of N (the life of the system) that can exist such that the probability of getting 15% internal rate of return or greater is 0.90?
How do you work the problem PR23-3B Divisional income statements and rate of return on investment analysis from the textbook Financial & Man agerial Accounting 12 Edition by Warren* Reeve*Duchac.
Per unit selling price for Product B is $75 and for Product C is $50. Create an analysis that shows whether or not the 20,000 units of Product A should be processed further.
Prepare the adjusting entries that were made.(Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
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