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Fields Laboratories holds a valuable patent on a precipitator that prevents certain types of air pollution. Fields does not manufacture or sell the products and processes it develops. Instead, it conducts research and develops products and processes which it patents, and then assigns the patents to manufacturers on a royalty basis. Occasionally it sells a patent. The history of Fields patent number 758-6002-1A is as follows. 2003-2004 : Research conducted to develop precipitator $384,080 Jan. 2005 : Design and construction of a prototype 85,420 March 2005 : Testing of models 66,360 Jan. 2006 : Fees paid engineers and lawyers to prepare patent application; patent granted June 30, 2006 64,430 Nov. 2007 : Engineering activity necessary to advance the design of the precipitator to the manufacturing stage 82,950 Dec. 2008 : Legal fees paid to successfully defend precipitator patent 66,360 April 2009.
Research aimed at modifying the design of the patented precipitator 69,280 July 2013 : Legal fees paid in unsuccessful patent infringement suit against a competitor 58,080 Fields assumed a useful life of 17 years when it received the initial precipitator patent. On January 1, 2011, it revised its useful life estimate downward to 5 remaining years. Amortization is computed for a full year if the cost is incurred prior to July 1, and no amortization for the year if the cost is incurred after June 30. The company's year ends December 31. Compute the carrying value of patent No. 758-6002-1A on each of the following dates: (a)December 31, 2006 (b)December 31, 2010 (c) December 31, 2013
Aedion Company owns control over Breedlove, Inc. Aedion reports sales of $300,000 during 2004 while Breedlove reports $200,000. Inventory costing $20,000 was transferred from Breedlove to Aedion (upstream) during the year for $40,000.
in the following article christopher nobes suggests that there are several reasons for the differences in accounting
USAco, a domestic corporation, forms a Canadian subsidiary, CANco, to distribute USAco's widgets in Canada. USAco sells widgets to CANco for resale in Canada, provides CANco with USAco's unique distribution software, and provides the use of USAco'..
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Prepare the entry on P Company's books to record the effect of the issuance assuming the cost method.
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