Assuming monthly amortization of patents

Assignment Help Financial Accounting

Reference no: EM131202655

Nieland Industries had one patent recorded on its books as of January 1, 2014. This patent had a book value of $409,200 and a remaining useful life of 10 years. During 2014, Nieland incurred research and development costs of $100,780 and brought a patent infringement suit against a competitor. On December 1, 2014, Nieland received the good news that its patent was valid and that its competitor could not use the process Nieland had patented. The company incurred $137,340 to defend this patent. At what amount should patent(s) be reported on the December 31, 2014, balance sheet, assuming monthly amortization of patents?

Reference no: EM131202655

Questions Cloud

Calculate a weighted index for microbrewery construction : A microbrewery was built in 2012 at a total cost of $650,000. Additional information is given in the accompanying table (all 2000 indices = 100).

When in the story does this passage take place : When in the story of Gilgamesh does this description take place? (In other words, what is happening in the story at this point?) What does the imagery of the bride's face being covered up suggest about the relationship between Enkidu and the oth..

Estimate the factor of safety taken for the piston anddesign : The piston end of the rod is guided alongthe cylinder and the other end of the rod is hinged at the cross-head. The modulus of elasticityfor piston rod material is 200 GPa. Estimate the factor of safety taken for the piston anddesign.

Compute the cost per mile of operating your vehicle : The important thing to keep in mind when using that statistic is that there may be situations in which it would be completely misleading to compare Person A's cost per mile with Person B's cost per mile.

Assuming monthly amortization of patents : Nieland Industries had one patent recorded on its books as of January 1, 2014. This patent had a book value of $409,200 and a remaining useful life of 10 years. During 2014, Nieland incurred research and development costs of $100,780 and brought a pa..

Compute the magnitude of the force supported by the pin at c : compute the magnitude of the force supported by the pin at C and the oil pressure p against the 3.20-in.-diameter piston of the hydraulic-cylinder unit AB.

Create a mind map to outline your career master plan : Create a mind map to outline your Career Master Plan. This plan will visually display not only your career goals and trajectory, but also the role that specific professional organizations.

International financial reporting standards : "Companies following international financial reporting standards must _______.

Beginning balance in the salaries payable account : The salaries for Patricia Event Planning Service are $6,000 per week of five working days and are paid weekly at the end of Fridays. The end of the month falls on a Thursday. Patricia made the appropriate accrual adjustment and posted it to the ledge..

User Account

All Pages