1. In 2023, Rex Ltd., a public company using IFRS, completed a research project initiated in...

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1. In 2023, Rex Ltd., a public company using IFRS, completed a research project initiated in 2022, and a successful patent is obtained. The research phase to complete the project are $75,000. The administrative and legal expenses incurred in obtaining the patent on March 1, 2023 amount to a total of $12,000. The patent has an expected useful life of 4 years. Record these costs incurred in journal entry form below and also record the patent amortization in the year 2023, assuming straight-line amortisation. Round answers to nearest cent. (6 marks) To record costs during the research phase To record admin. and legal expenses to obtain patent To record patent amortization (if any) for 2023 Debit Credit 2. In January 2, 2024, Rex Ltd successfully defended the patent in litigation at a cost of $14,500, which extended the patent's life to December 31, 2031. Give the journal entry to record the patent amortization for a full year in 2024. Round answers to nearest cent. (4 marks) Debit Credit To record patent amortization for 2024 1. In 2023, Rex Ltd., a public company using IFRS, completed a research project initiated in 2022, and a successful patent is obtained. The research phase to complete the project are $75,000. The administrative and legal expenses incurred in obtaining the patent on March 1, 2023 amount to a total of $12,000. The patent has an expected useful life of 4 years. Record these costs incurred in journal entry form below and also record the patent amortization in the year 2023, assuming straight-line amortisation. Round answers to nearest cent. (6 marks) To record costs during the research phase To record admin. and legal expenses to obtain patent To record patent amortization (if any) for 2023 Debit Credit 2. In January 2, 2024, Rex Ltd successfully defended the patent in litigation at a cost of $14,500, which extended the patent's life to December 31, 2031. Give the journal entry to record the patent amortization for a full year in 2024. Round answers to nearest cent. (4 marks) Debit Credit To record patent amortization for 2024

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Journal Entries for Rex Ltd 1 Recording Costs and Amortization in 2023 a Recording Research Phase Co... View the full answer