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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.
finding the the cash balance at the end of the year.cash flow computations from the following selected data compute the
Allowance for Doubtful Accounts has a debit balance of $600 at the end of the year (before adjustment), and an analysis of accounts in the customers ledger indicates uncollectible receivables of $13,000. Which of the following entries records the pro..
The Bishop Division of Kingley Corporation has a current ROI of 19 percent. The company target ROI is 13 percent. The Bishop Division has an opportunity to invest $4,600,000 at 17 percent but is reluctant to do so because its ROI will fall to 18.24 p..
prepare an essay which demonstrates their understanding about the issue
Under a modified wage plan, an employee earns $1.50 for each finished unit and is guaranteed $18 per hour as a minimum wage. If the daily quota is 96 units, on a particular day when an employee completes 90 units and works 8 hours, the amount of the ..
it was the accounting rule that caused the financial institutions' balance sheets to look bad. Describe whether you believe that following an accounting process can cause a company to experience economic problems.
Midwest Fabricators Inc. is considering an investment in equipment that will replace direct labor. The equipment has a cost of $132,000 with a $16,000 residual value and a 10-year life. The equipment will replace one employee who has an average wage ..
Prepare a Cash Flow Forecast for AudioFile for the month of January 2013. Include appropriate supporting schedules.
The inventory cost $30,000 and was sold to Lord for $44,000. From the perspective of the combination, when is the $14,000 gain realized?
Issuing Statements on Auditing Standards falls under which responsibility of the AICPA?
Equipment was purchased for $30,000. It has a useful life of 5 years and a residual value of $4,000. Compute the balance of the Accumulated Depreciation account at the end of the second year.
Explain why Bank of America, in the financial services industry, has a relatively low rate of operating leverage, while a manufacturing firm like Honda has a much higher degree.
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