What is the balance in the patent account

Assignment Help Financial Accounting

Reference no: EM131294387

On January 1, 2018, Weaver Corporation purchased a patent for $219,000. The remaining legal life is 20 years, but the company estimates the patent will be useful for only six more years. In January 2020, the company incurred legal fees of $39,000 in successfully defending a patent infringement suit. The successful defense did not change the company’s estimate of useful life. Weaver Corporation’s year-end is December 31.

1. Record amortization on the patent

How much do I debit for amortization expense and credit for patents?

2. What is the balance in the Patent account at the end of 2020?

Reference no: EM131294387

Questions Cloud

Express income statement data in common-size percents : Express the income statement data in common-size percents. Express the balance sheet trend percents with 2012 as the base year (round percents to two decimals).

How do you find out information about stocks : As a consumer/investor, how do you find out information about stocks? A good resource is Yahoofinance.com. Go to this site to look up two stocks: Intel at stock ticker INTC and Apple at stock ticker AAPL.

When the fair value of the stock : On December 31,2014, the stockholders equity section of Arndt, Inc. was as follows : Common Stock, particularly value $10; authorized 30,000 shares; issued and outstanding 9,000 shares- $90,000. On March 31, 2015, Arndt declared a 10% stock dividend,..

Background materials regarding conflict and negotiation : For the Module 3 SLP you will be applying the concepts you learned in the background materials regarding conflict and negotiation to a situation from your own personal experiences.

What is the balance in the patent account : On January 1, 2018, Weaver Corporation purchased a patent for $219,000. The remaining legal life is 20 years, but the company estimates the patent will be useful for only six more years. What is the balance in the Patent account at the end of 2020?

Concepts and definitions of charismatic : Carefully review the concepts and definitions of charismatic, transformational, and transactional leadership. Then write a three-page paper addressing the following issues, using specific examples from your personal experiences. Make sure to cite a..

Define market share and market growth : List and describe the 3 main types of organizational structures. What is the BCG Matrix. Define market share and market growth. List and describe the 4 four categories of the BCG Martix.

What is the total amount of excess amortization : On January 3, 2011, Austin Corp. purchased 25% of the voting common stock of Gainsville Co., paying $2,500,000. Austin decided to use the equity method to account for this investment. At the time of this investment, Gainsville's total stockholder's e..

Memorandum of understanding : Elect two convergence topics from the 2006 Memorandum of Understanding (and the 2008 progress report) and write a 2- to 4-page paper analyzing how the convergence of FASB and IASB rules or standards have developed to create to a common framework as o..

User Account

All Pages