Odessa Industries spent $350,000 on research and $600,000 on development of a new product. Of the $600,000 in development costs, $400,000 was incurred prior to technological feasibility and $200,000 after technological feasibility had been demonstrated. Prepare the journal entry to record research and development costs.
Answer to relevant QuestionsLori Randle believes a current liability is a debt that can be expected to be paid in one year. Is Lori correct? Explain.Jamison Company has the following obligations at December 31: (a) A note payable for $100,000 due in 2 years, (b) A 10-year mortgage payable of $300,000 payable in ten $30,000 annual payments, (c) Interest payable of $15,000 ...Data for Beth Corbin are presented in BE11-7. Prepare the journal entries to record In BE11-7, Beth Corbin’s regular hourly wage rate is $16, and she receives an hourly rate of $24 for work in excess of 40 hours. During a ...On June 1, Merando Company borrows $90,000 from First Bank on a 6-month, $90,000, 8% note.Instructions(a) Prepare the entry on June 1.(b) Prepare the adjusting entry on June 30.(c) Prepare the entry at maturity (December 1), ...Employee earnings records for Slaymaker Company reveal the following gross earnings for four employees through the pay period of December 15.J. Seligman ...... $ 93,500R. Eby ........ $106,600L. Marshall ...... $108,100T. ...
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