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IRINA_888 [86]
3 years ago
15

On January 4, 2013, Franc Company purchased for $27,000 a patent that had been filed 8 years earlier. The patent covers a manufa

cturing process that the company plans to use for 15 years. On January 3, 2014, the company paid its lawyers $10,000 for successfully defending the patent in a lawsuit. Required:____.
Prepare all the journal entries associated with the patent in 2019 and 2020
Business
1 answer:
viva [34]3 years ago
6 0

Answer:

depreciation expense 2,514.28 debit

              patent                   2,514.28 credit

--to record 2019 amortizationon patent--

depreciation expense 2,514.28 debit

              patent                   2,514.28 credit

--to record 2020 amortization on patent--

Explanation:

On 2013 the patent is amortized:

27,000 / 15 = 1,800

On 2014 as the defend is successfull we capitalized into the atent account which now has 14 year of useful life:

27,000 - 1,800 + 10,000 = 35,200 balance at Dec 31th 2014

amorization per year:

35,200 / 14 = 2.514,2857

We will do the amortization at this rate until a new defense arise or the patent market vale decrease.

We aret givne with any additional information thus, we have to record for 2019 and 2020 the 2,514 depreciation

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Answer:

The correct answer is D.

Explanation:

Giving the following information:

The per-unit standards for direct labor are 2 direct labor hours at $15 per hour. If in producing 1800 units, the actual direct labor cost was $48000 for 3000 direct labor hours worked.

We need to calculate the total direct labor variance, using two formulas:

Direct labor efficiency variance= (SQ - AQ)*standard rate

Direct labor efficiency variance= (1,800*2 - 3,000)*15= $9,000 favorable

Direct labor rate variance= (Standard Rate - Actual Rate)*Actual Quantity

Direct labor rate variance= (15 - 48,000/3,000)*3,000= $3,000 unfavorable

Total direct labor variance= 9,000 - 3,000= $6,000 favorable

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3 years ago
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valina [46]

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East and South east Asia

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3 years ago
Let illustrate what you you know about materiality concept.
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Assuming the costs are normally distributed, then Z = (X-mu)/sigma

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