1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
lbvjy [14]
3 years ago
12

Amortization Entries Kleen Company acquired patent rights on January 10 of Year 1 for $2,800,000. The patent has a useful life e

qual to its legal life of eight years. On January 7 of Year 4, Kleen successfully defended the patent in a lawsuit at a cost of $38,000. a. Determine the patent amortization expense for Year 4 ended December 31. $fill in the blank 459a45f7efd1014_1 b. Journalize the adjusting entry on December 31 of Year 4 to recognize the amortization. If an amount box does not require an entry, leave it blank.
Business
1 answer:
iogann1982 [59]3 years ago
3 0

Answer:

a. The patent amortization expense for Year 4 ended December 31 is $357,600.

b. Debit Amortization expense for $357,600; and Credit Accumulated amortization - Patent for $357,600.

Explanation:

Patent acquisition cost = $2,800,000

Number of years to use for amortization patent acquisition cost = Useful life equal = Legal life = 8

Lawsuit at a cost = $38,000

Number of years to amortize the lawsuit cost = Number of years to use for amortization – Numbers of years from January Year 1 to January Year 4 = 8 – 3 = 5

Therefore, we can now have:

a. Determine the patent amortization expense for Year 4 ended December 31.

Patent amortization expense for Year 4 = (Patent acquisition cost / Number of years to use for amortization patent acquisition cost) + (Lawsuit cost / Number of years to amortize the lawsuit cost) = ($2,800,000 / 8) + ($38,000 / 5) = $357,600

Therefore, the patent amortization expense for Year 4 ended December 31 is $357,600.

b. Journalize the adjusting entry on December 31 of Year 4 to recognize the amortization.

The  journal entry will look as follows:

<u>Details                                                       Debit ($)             Credit ($)   </u>

Amortization expense                             357,600

     Accumulated amortization - Patent                               357,600

<u><em>(To record Patent amortization.)                                                             </em></u>

You might be interested in
Today, Jamie, a police officer with a big-city force, apprehended a suspect fleeing the scene of a convenience store robbery. Th
valkas [14]

Answer:

The correct answer is E

Explanation:

Adaptive task performance usually acknowledged as the adaptability, which is comprise of the employee responses to the task demands that are unusual, novel or very least or unpredictable.

It involves such behaviors handling the crises or the emergencies situation or circumstances.

So, in this case, Jamie, the police officer suspect scene of store robbery and the suspect ran and other officer arrived on the scene and take him down. Later, the Jamie state the situation to family and this is an example of adaptive task performance.

8 0
2 years ago
Transactions involving the purchase and sale of fixed assets would be considered _______ activities.
ohaa [14]
Transactions involving the purchase and sale of fixed assets would be considered INVESTING activities.
Investing activities refers to those activities carried out by the company which involve sales or purchases of fixed assets such as building and equipment.
4 0
3 years ago
2. An organization's products and services are the driving force in accomplishing
Levart [38]
I believe the answer is B. False
4 0
3 years ago
Read 2 more answers
Scenario 1
anzhelika [568]

Answer:

The first country invested in health care. It eradicated an epidemic that was weakening its present and future workforce. Its investment was successful because it made people productive again. The second country recognized the potential for productivity in young girls. By taking steps to train and educate them, the government made them eligible for quality employment. The second country's investment was successful because it strengthened its workforce and attracted foreign investment.

Explanation:

Edmentum (Plato) answer

3 0
3 years ago
a woman who was born and raised in a poor family becomes a regional supervisor for bank of america. she has experienced
Damm [24]

According to the functionalist theory, stratification is essential and unavoidable because it is required to persuade those who possess the requisite knowledge and abilities to choose jobs that are crucial to society.

According to the conflict theory, society is a dynamic system that is always undergoing change as a result of struggle for limited resources.

Max Weber, a German sociologist, devised the three-component theory of stratification, also referred to as Weberian stratification or the three class system, which used class, position, and party as different ideal types.

What is the pariah group? Meaning of Max Weber

19 (3): 313–318 History and Theory (1980) Abstract. In the scientific study of Judaism, the term "pariah" was first used by Max Weber, who described it as the voluntary separation of a people's religion and morals from their host society.

Learn more about functionalist theory here:

brainly.com/question/27181875

#SPJ4

4 0
1 year ago
Other questions:
  • Mike Hansen has adjusted gross income of $82,000. During the year, Mike decided he needed a larger home. He purchased a home on
    7·1 answer
  • What to do with office space to make money? How would you arrange them?
    5·1 answer
  • Can someone just answer the 3rd question.pleaseee
    14·2 answers
  • Many investors bought stocks on - ---, meaning they made only a small cash down payment with the rest coming as a loan from a___
    15·1 answer
  • LO 1.5What is corporate social responsibility, and who are the stakeholders?
    13·1 answer
  • To obtain a change of the zoning for a particular property, for example, from residential to commercial, a property owner would
    9·1 answer
  • Florissa's Flowers jointly produces three varieties of flowers in the same garden: tulips, lilies, and daisies. The flowers are
    15·1 answer
  • The financial staff of Cairn Communications has identified the following information for the first year of the roll-out of its n
    9·1 answer
  • Arthur, the ruler of Avalon, has asked for your help with the economy of his country. Arthur's economic minister provides you wi
    5·1 answer
  • Successful small business owners are: Group of answer choices not good sources for information on starting your own business bec
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!