10. Ginsberg Company spent several years developing a process for producing widgets. Its lawyer suggested patenting...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
10. Ginsberg Company spent several years developing a process for producing widgets. Its lawyer suggested patenting the process. The company obtained the patent on January 1, 2020. The company paid $180,000 to the lawyer, $16,000 to the government for the patent and $7,000 in additional fees. Required a) Prepare the journal entry to record the full cost of the patent. Do not enter dollar signs or commas in the input boxes. Debit Credit Date Account Title and Explanation Jan 1 Answer Answer Arawer Answer To record the total relevant potent fees b) The patent has an estimated life of 20 years. Prepare the journal entry to record amortization for one year on December 31, 2020. Round your answers to the nearest whole number. Debit Credit Date Account Title and Explanation Dec 31 Answer Arswee Answer To record amortization for the year 4 K 10. Ginsberg Company spent several years developing a process for producing widgets. Its lawyer suggested patenting the process. The company obtained the patent on January 1, 2020. The company paid $180,000 to the lawyer, $16,000 to the government for the patent and $7,000 in additional fees. Required a) Prepare the journal entry to record the full cost of the patent. Do not enter dollar signs or commas in the input boxes. Debit Credit Date Account Title and Explanation Jan 1 Answer Answer Arawer Answer To record the total relevant potent fees b) The patent has an estimated life of 20 years. Prepare the journal entry to record amortization for one year on December 31, 2020. Round your answers to the nearest whole number. Debit Credit Date Account Title and Explanation Dec 31 Answer Arswee Answer To record amortization for the year 4 K
Expert Answer:
Answer rating: 100% (QA)
a Date Account title Debit credit Jan 1 Patent 203000 Cash 203000 b Date ac... View the full answer
Related Book For
Operations Management in the Supply Chain Decisions and Cases
ISBN: 978-0073525242
6th edition
Authors: Roger Schroeder, M. Johnny Rungtusanatham, Susan Goldstein
Posted Date:
Students also viewed these accounting questions
-
A British pharmaceutical company spent several years and considerable funds on the development of a treatment for HIV patients. Now, with the protection afforded by patent rights, the company has the...
-
Prepare the journal entry to record Channel One Companys issuance of 100,000 shares of $0.50 par value common stock assuming the shares sell for: a. $0.50 cash per share. b. $2 cash per share.
-
Prepare the journal entry to record Selectist Companys issuance of 104,000 shares of no-par value common stock assuming the shares: a. Sell for $15 cash per share. b. Are exchanged for land valued at...
-
Read and watch the video case Using Operations to Create Value at Crayola and answer the following questions. a) Identify Crayolas competitive priorities from the list in Table 1.3 of the textbook...
-
Suppose demand is P = 600 - Q and supply is P = Q in the soybean market, where Q is tons of soybeans per year. The government sets a price support at P = $500/ton and purchases any excess supply at...
-
Use the following information of VPI Company to prepare a statement of cash flows for the year ended December 31 using the indirect method. Note: Amounts to be deducted should be indicated by a minus...
-
How do you graphically depict the OE architecture that includes detail interactions of the Higher-Order Systems and Physical Environment domains?
-
Direct materials and manufacturing labor variances, solving unknowns (CPA, adapted) On May 1, 2009, Bovar Company began the manufacture of a new paging machine known as Dandy. The company installed a...
-
Given the source code below: #include using namespace std; double f(double a[], int 1, int r) { } if (1=1) return a[1]: int m = (1+r)/2; double u = f(a.l.m); double v = f(a.m+1,r); return (u+v)/2;...
-
To optimize upfront price estimates for patients, the Wellness Health Plan should: A. Post each local hospital's data from MedPar on Medicare's payments B. Post each local hospital's average charge...
-
Which three activities are part of the function of accounting? Multiple select question. recording financial transactions classifying financial transactions interpreting financial transactions...
-
Why would healthcare issuers seek bond insurance?
-
What type of financial performance information is provided in the statement of cash flows?
-
What does the term credit enhancement mean?
-
What is the purpose of securities market regulation?
-
Are there any conflicts that might arise between the issuer and the investment banker when setting the offering price on a securities issue?
-
1 How many queues are needed to implement a stack? Consider the situation where no other data structure like arrays, linked list is available to you. Your answer: O None 000 04 1 03 02 Clear answer...
-
What types of questions can be answered by analyzing financial statements?
-
Using the data in problem 2, prepare exponentially smoothed forecasts for the following cases: a. = .1 and F1 = 90 b. = .3 and F1 = 90
-
Why is the service-profit chain important to operations management?
-
Identify the front office and back office services for the following organizations. Could these services be improved by increasing or decreasing the degree of customer contact? By separating low- and...
-
The life \(T\) in hours of a vibration transducer is found to follow exponential distribution \[p_{T}(t)= \begin{cases}\lambda e^{-\lambda t}, & t \geq 0 \\ 0, & t <0\end{cases}\] where \(\lambda\)...
-
Fill in the Blank. If any parameter of a vibrating system is not known precisely, the resulting vibration is called ____________ vibration.
-
The probability distribution function, \(P(\widetilde{x})\), denotes a. \(P(x \leq \tilde{x})\) b. \(P(x>\widetilde{x})\) c. \(P(\tilde{x} \leq x \leq \tilde{x}+\Delta x)\)
Study smarter with the SolutionInn App