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Margaret Avery Company from time to time embarks on a research program when a special project seems to offer possibilities. In 2011, the company expends $332,790 on a research project, but by the end of 2011 it is impossible to determine whether any benefit will be derived from it. (a) The project is completed in 2012, and a successful patent is obtained. The R&D costs to complete the project are $132,480. The administrative and legal expenses incurred in obtaining patent number 472-1001-84 in 2012 total $33,900. The patent has an expected useful life of 5 years. Record these costs in journal entry form. Also, record patent amortization (full year) in 2012. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
(b) In 2013, the company successfully defends the patent in extended litigation at a cost of $43,360, thereby extending the patent life to December 31, 2020. What is the proper way to account for this cost? Also, record patent amortization (full year) in 2013. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Identify the primary components of the conceptual framework for business organizations and explain the purpose of each component.
the table below contains data on fincorp inc. the balance sheet items correspond to values at year-end of 2010 and 2011
A company has 100 shares of 5%, $100 par preferred stock convertible into 200 shares of common stock. The preferred stock has been outstanding only since October 1. How will the denominator be affected for fully diluted EPS?
Harry Dorffman owns and operates Harry's Abstracting Service. Harry's two revenue generating operations (Abstracting Services and Closing Services) are supported by two service departments: Clerical and Custodial. Costs in the service departments ..
Eastern Manufacturing is involved with several situations that possibly involve contingencies. Each is described below. Eastern's fiscal year ends December 31, and the 2011 financial statements are issued on March 15, 2012.
The petty cash fund of Western Glass Company contained the following items on November 30, 2009: Prepare the journal entries to establish the petty cash account and to replenish the fund at the end of November.
According to your text, the accounting profession has adopted a modified all-inclusive concept to income reporting. Using this approach companies report unusual or irregular items as a part of net income. What are these items and they are they ..
If the corporation uses the straight-line method of amortization of bond discount, the amount of bond interest expense to be recognized in December 31, 2010's adjusting entry is
the economic downturn has caused several companies to lay off workers leaving those workers who remain to do the work
When should Surfing USA Co. record the sale and suppose that with his purchase order, Finley is required to make a down payment.
kenny harrison corp. a capital goods manufacturing business that started jan 4 2008 and operates on a calendar- year
Blue Fin Co. produces a product requiring 10 pounds of material at $1.50 per pound. Blue Fin produced 10,000 units of this product during 2009 resulting in a $30,000 unfavorable materials quantity variance. How many pounds of direct material did B..
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