Danvers Manufacturing purchased a patent from Carter Industries on January 1, 2015, by paying $41,650. The...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Danvers Manufacturing purchased a patent from Carter Industries on January 1, 2015, by paying $41,650. The patent had a remaining legal life of 14 years while had a estimated useful life of 15 years. In 2019, Danvers unsuccessfully sued a competitor for patent infringement. The company paid legal fees of $5,000 on June 30, 2019. What was the carrying value of the Patent at December 31, 2019 after the amortization was recorded for 2019? Assume no impairment adjustment is required. Danvers Manufacturing purchased a patent from Carter Industries on January 1, 2015, by paying $41,650. The patent had a remaining legal life of 14 years while had a estimated useful life of 15 years. In 2019, Danvers unsuccessfully sued a competitor for patent infringement. The company paid legal fees of $5,000 on June 30, 2019. What was the carrying value of the Patent at December 31, 2019 after the amortization was recorded for 2019? Assume no impairment adjustment is required.
Expert Answer:
Answer rating: 100% (QA)
Copyright is restricted over economic life or legal life depending on the minimum In the ... View the full answer
Related Book For
Financial Accounting
ISBN: 978-1259103285
5th Canadian edition
Authors: Robert Libby, Patricia Libby, Daniel Short, George Kanaan, M
Posted Date:
Students also viewed these accounting questions
-
Find the average rate of change of f(x) = x3 - 6x +7 over the following intervals. (a) From 7 to -4 (b) From 1 to 3 (c) From 3 to 8 (a)The average rate of change from 7 to -4 is
-
Carrying value of patent. Sisco Co. purchased a patent from Thornton Co. for $620,000 on July 1, 2012. Expenditures of $119,000 for successful litigation in defense of the patent were paid on July 1,...
-
Exercise 9-20 On January 1, 2018, Bramble Ltd. paid $387,293.66 for 12% bonds of Variation Ltd. with a maturity value of $360,000. The bonds provide the bondholders with a 10% yield. They are dated...
-
Evaluate 3x - 1 / x - 1. lim
-
Tests of controls in a GAAS audit are required for a. Obtaining evidence about the financial statement assertions. b. Accomplishing control over the occurrence of recorded transactions. c. Applying...
-
In Exercises find the derivative of the function. (x) = x 9 x
-
What are COTS products and NDIs and how do they relate to items and CIs?
-
Springfield Corporation operates on a calendar-year basis. It begins the annual budgeting process in late August, when the president establishes targets for total sales dollars and net operating...
-
You work for the law firm Skywalker, Solo, & Organa LPA. They're a small firm that represents Channel 5, the local NBC affiliate. Channel 5 is hiring a new prime-time news anchor and they've asked...
-
Patient BN is a 36-year-old female with a type of organ failure that reduces her quality of life to half of what it would be in good health. Without treatment she can expect to live only two years....
-
Using the diagnostic scan tool data below, answer the following questions? Image transcription text FAST SCAN TOOL - 2000 Jeep Cherokee XJ 4.0 (S) File Vehicle Options User Library View Help 88 ANDTC...
-
The financial condition of two companies is expressed in the following accounting equation: Common Stock + Retained Earnings $ 2,464 + $ 7,410 + Allen White Assets $ 11,200 = $ 13,920 Required a....
-
Heltger Company is a job-order costing firm that uses activity-based costing to apply overhead to jobs. Heitger identified three overhead activities and related drivers. Budgeted information for the...
-
the program should be a java program Writ a code for the following a registration form, to validate the following Validation for email such as: Student20@taibahu.edu.sa 2. Validation for name only 1....
-
Write the Python code that represents best the following flowchart design: False Output: "Sorry you are not old enough to drive" Output: "You will be eligible in ",16-age, "years" Start Input: Name...
-
Your company has an Azure Virtual Desktop ( AVD ) implementation that uses the Azure Bastion service. You need to configure diagnostic settings to archive and apply a retention policy for all Azure...
-
I will invest $500 per quarter for my retirement at 7.3% compounding quarterly for 32 years. I have a choice of making that payment of $500 at the beginning or the end of the quarter (regular annuity...
-
A simple random sample of 220 university students were asked what pasta they usually order and with which sauce. The preferences of these respondents are summarised below: Sauce Bolognese Pasta...
-
It is your first day on the job as a trainee for an entry position in the accounting department of Alimex Inc., a merchandising company. The company controller provides you with the following...
-
Sutton Inc., a small service company, keeps its records without the help of an accountant. After much effort, an outside accountant prepared the following unadjusted trial balance as at the end of...
-
Explain the application of the cost principle to an item in the ending inventory .
-
A thin stainless steel disk of thickness \(b\) and outer radius \(r_{o}\) has been heat treated to a high, uniform initial temperature of \(T_{i}\). The disk is then placed upon a small stand and...
-
A power transistor mounted on a finned heat sink can be modeled as a spatially isothermal object with internal heat generation and an external convection resistance. (a) Consider such a system of...
-
Steel balls \(10 \mathrm{~mm}\) in diameter are annealed by heating to \(1150 \mathrm{~K}\) and then slowly cooling to \(450 \mathrm{~K}\) in an air environment for which \(T_{\infty}=325...
Study smarter with the SolutionInn App