Reference no: EM132749127
Question - Marin Industries has the following patents on its December 31, 2019, balance sheet.
Patent Item Initial Cost Date Acquired Useful Life at Date Acquired
Patent A $43,452 3/1/16 17 years
Patent B $16,560 7/1/17 10 years
Patent C $20,640 9/1/18 4 years
The following events occurred during the year ended December 31, 2020.
1. Research and development costs of $243,000 were incurred during the year.
2. Patent D was purchased on July 1 for $34,770. This patent has a useful life of 91/2 years.
3. As a result of reduced demands for certain products protected by Patent B, a possible impairment of Patent B's value may have occurred at December 31, 2020. The controller for Marin estimates the expected future cash flows from Patent B will be as follows.
Year Expected Future Cash Flows
2021 $2,000
2022 2,000
2023 2,000
The proper discount rate to be used for these flows is 8%. (Assume that the cash flows occur at the end of the year.)
Required - Compute the total carrying amount of Marin' patents on its December 31, 2019, balance sheet.
|
Why is important that clearwater electronics have internal
: An employee at Clearwater Electronics has contacted, Why is important that Clearwater Electronics have internal equity in its compensation system?
|
|
Prepare supporting amortization of ECOBV schedule
: Prepare supporting amortization of ECOBV schedule for 2020 and verify the equity in income balance for 2020, as reported on Large's separate income statement
|
|
Reflect on how you would respond to the intern
: Assume you have been working for a small accounting firm, and you have been tasked with training a new intern. As you are trying to identify the intern's.
|
|
Explain what potential violations has company committed
: Explain What potential violations has company committed with regard to the Occupational Safety and Health Administration Act, if any.
|
|
Compute the total carrying amount of Marin patents
: Patent D was purchased on July 1 for $34,770. This patent has a useful life of 91/2 years. Compute the total carrying amount of Marin' patents
|
|
Describe disadvantages of expatriates assigned
: Describe the advantages and disadvantages of expatriates assigned to an international assignment. What reward mechanisms can an organization develop
|
|
What reward mechanisms can an organization develop
: What reward mechanisms can an organization develop and introduce to attract, recruit, select, and retain qualified talent to fill overseas posts?
|
|
What should management of a business do
: What would a court think and what should management of a business do if they have sexual harassment claims for people who are same-sex
|
|
Prepare journal entry to record the sale
: On June 16 202x Romela Company sold 100 air conditioning units. The sale price for each unit is P45,000. All of sales are subject to terms 210, n/30.
|