Patent cost is $ 18000 , life of it is 18 years, calculat the first year amortízation expense.
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- A company pays a patent for $ 98,000 with a useful life of 12 years.Calculate amortization. You must present the calculation made.On January 1, 2022, Scarlet registered a patent for a total registration and legal cost of P800,000. Scarlet estimates that the patent has a remaining useful life of 25 years. How much will be the carrying amount of the patent in December 31, 2024?For each of the following unrelated situations, calculate the annual amortization expense and prepare a journal entry to record the expense: A. A patent with a seventeen-year remaining legal life was purchased for $850,000. The patent will be usable for another six years. B. A patent was acquired on a new tablet. The cost of the patent itself was only $12,000, but the market value of the patent is $150,000. The company expects to be able to use this patent for all twenty years of its life.
- Sheridan Company from time to time embarks on a research program when a special project seems to offer possibilities. In 2019, the company expends $323,000 on a research project, but by the end of 2019 it is impossible to determine whether any benefit will be derived from it. (b) The project is completed in 2020, and a successful patent is obtained. The R&D costs to complete the project are $113,000. The administrative and legal expenses incurred in obtaining patent number 472-1001-84 in 2020 total $16,000. The patent has an expected useful life of 5 years. Record these costs in journal entry form. Also, record patent amortization (full year) in 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)Questions #28-29 are based on the information below: On January 1, 2021, The Donut Stop purchased a patent for $80,000. The remaining legal life is 20 years, but the company estimates the patent will be useful for only five more years. 28. The entry to record the 2021 amortization expense for the patent should include: A. Debit Patents for $16,000 B. Debit Amortization Expense for $16,000 C. Debit Amortization Expense for $4,000 D. Debit Patents for $4,000 29. What should be recorded on the balance sheet for Patents at December 31, 2022? A. $80,000 B. $64,000 C. $72,000 D. $48,000The following costs have beenincurred in respect of the patent in the current financial year.Research salaries R250 000Development salaries R450 000Initial marketing costs R30 000Fees to register patent R78 000Materials used in development R12 000The development was completed on 1 July 2020.Patents are amortised on a straight‐line basis at 20% per annumwith no residual value.Prepare the journal entry to recognise the patent in the financialstatements of Khair Ltd on 1 July 2020.Narrations are required as marks will be allocated to these.
- Amortization Expense. "A patent with a 15-year remaining legal life was purchased for $756,000. The patent will be commercially exploitable for another 6 years." I need to calculate the expense.An asset with a purchase price of $501,013 falls in the 3-year MACRS asset class. The asset will be sold at the end of a three year project for $180,745. What is the book value of the asset at the end of the project? Round your answer to the nearest dollar. Year Depreciable Allowance 1 33% 2 45 3 15 4 7Calico Inc. purchased a patent on a new drug it created. The patent cost $12,000. The patent has a life of twenty years, but Calico expects to be able to sell the drug for fifty years. Calculate the amortization expense and record the journal for the first years expense.
- Calico Inc. purchased a patent on a new drug. The patent cost $21,000. The patent has a life of twenty years, but Calico only expects to be able to sell the drug for fifteen years. Calculate the amortization expense and record the journal for the first-year expense.For each of the following unrelated situations, calculate the annual amortization expense and prepare a journal entry to record the expense: A. A patent with a ten-year remaining legal life was purchased for $300,000. The patent will be usable for another eight years. B. A patent was acquired on a new smartphone. The cost of the patent itself was only $24,000, but the market value of the patent is $600,000. The company expects to be able to use this patent for all twenty years of its life.A company buys a Platform for $800,000 on January 1, 2019. The e of the rig is 10 years and the expected cost to domande the platform at the end of 10 years is $200,000 (present value at 10% is $77,110) 10% is an appropriate interest rate for this company What journal entry related to endronmental abilly should be recorded on January 1, 2019, as a result of these events? OA Debit Environmental Expense for $200,000 and credit Environmental Liability for $200,000 OB. Debit Environmental Loss for $200,000 and credit Environmental Liability for $200,000. OC. Debit Platform for $200,000 and credit Environmental Liability for $200,000 OD. Debit Platform for $77,110 and credit Environmental Liability for $77,110