A Enterprises is a large Canadian
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A Enterprises is a large Canadian company traded on the Toronto Stock Exchange. A purchased two copyrights during 2023. The first copyright was purchased on February 1 for $17500 and was expected to have a useful life until the end of December, 2025. The second copyright was purchased on July 1 for $88200 and was expected to have an indefinite useful life. A's fiscal year-end was December 31.
On July 1, 2024, A paid $7560 in legal fees to successfully defend the first copyright in court. On September 1, 2024, A determined that the second copyright would no longer have an indefinite useful life, and in fact would have a useful life of another 7 years, beginning September 1, 2024. On April 1, 2025, A sold the second copyright for $98950. Prepare the
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- Petes Petroleum, Inc., an SEC registrant with a calendar year-end, is in the business of constructing and operating offs] lore oil platforms. Petes Petroleum is required legally to dismantle and remove the platforms at the end of their useful lives, which is estimated to be 10 years. On January 1, 2019, Pete constructed and began operating an offshore oil platform off the coast of Brazil. The total capitalized cost to construct the platform was 3,700,000. In addition, while the future cost of dismantling the oil platform is difficult to estimate, Pete believes there is a 40% chance that the future cost will be 1,425,000, a 40% chance it will be 1,650,000, and a 20% chance that it will cost 2,125,000. The appropriate discount rate is 12%, and Pete uses the straight-line method of depreciation. Required: 1. Prepare the journal entries that Pete should record in 2019 related to the oil platform. 2. Prepare an amortization schedule for the asset retirement obligation. 3. Next Level Prepare a table showing the effect of accounting for the asset retirement obligation on assets, liabilities, shareholders equity, and net income relative to accounting for the associated costs at the end of the assets service life when the expenditure is made.Crane Enterprises is a large Canadian company traded on the Toronto Stock Exchange. Crane purchased two copyrights during 2023. The first copyright was purchased on February 1 for $21,000 and was expected to have a useful life until the end of December, 2025. The second copyright was purchased on July 1 for $145,800 and was expected to have an indefinite useful life. Crane's fiscal year-end was December 31. On July 1. 2024. Crane paid $5,400 in legal fees to successfully defend the first copyright in court. On September 1, 2024, Crane determined that the second copyright would no longer have an indefinite useful life, and in fact would have a useful life of another 9 years beginning September 1, 2024. On April 1, 2025, Crane sold the second copyright for $155,350.00 Prepare the journal entries on the books of Crane to record the above transactions. (Hint: don't forget the year-end amortization entries).) Young Company has provided information on intan- gible assets as follows. A patent was purchased from Ford Company for $1,000,000 on January 1, 2019. Young estimated the remaining useful life of the patent to be 10 years. The patent was carried in Ford’s accounting records at a net book value of $800,000 when Ford sold it to Young. During 2020, a franchise was purchased from Rainwater Company for $950,000. In addition, 5% of revenue from the franchise must be paid to Rainwater. Revenue from the franchise for 2020 was $6,000,000. Young estimates the useful life of the franchise to be 10 years and takes a full year’s amortization in the year of purchase. Young incurred research and development costs in 2020 as follows: Materials and equipment $336,000 Personnel 278,000 Indirect costs 173,000 $787,000 Young estimates that these costs will be recouped by December 31, 2020. The materials and equipment purchased have no alternative uses. On January 1, 2020,…
- Jolis Company has provided information on the following items: 1. A patent was purchased from Totley Company for $600,000 on January 1, 2018. At that time, Jolis estimated the remaining useful life to be 10 years. The patent was carried on Totley’s books at $20,000 when it sold the patent. 2. On March 2, 2019, a franchise was purchased from Unal Company for $240,000. In addition, 8% of the revenue from the franchise must be paid to Unal. Revenue earned during 2019 was $650,000. Jolis believes that the life of the franchise is indefinite and that the franchise is not impaired at the end of 2019. 3. R&D costs were incurred as follows: (a) materials and equipment, $60,000; (b) personnel, $80,000; and (c) indirect costs, $40,000. The costs were incurred to develop a product that will go on sale in 2020 and will have an expected life of 5 years. 4. A trade name had been purchased for a sugar substitute at the beginning of 2015 for $81,000. In January 2019, it was suspected…On November 1, 2019, a newly established manufacturing outfit paid cash to acquire a patent for P1,200,000, a copyright for P750,000, and a franchise for P60,000. The patent expires at the end of 2020, has a total legal life of 20 years in the Philippines and is expected to produce benefits only for 5 years. The copyright has a service life of 10 years. The franchise allows the company to be exclusive sales agent for two years effective November 1, 2019. The amortization amount for the intangibles in 2023 is b. 65, 500 Someone give me a solution for this answer.The Western Company, a company that follows IFRS, provided you with the following information about a number of transactions that took place in 2020: On January 1, 2020 Western acquired a patent for $45,000 cash. The patent expires on January 1, 2028, but the company determined that it will generate future benefits for 6 years from the date of acquisition. During 2022, the total useful life of the patent was revised to 4 years. During March 2020, The Wester Company invested $120,000 in research costs about a new product that it aims to develop in 2021. The amount was paid in cash. The Western Company estimates that its internal goodwill is worth $980,000 in July 2020. Required- Prepare the journal entries related to the patent from January 1, 2020 to December 31, 2022. Prepare the journal entries for 2 and 3. If no journal entry is required, justify why.
- A patent was acquired from another company on January 1, 2019, for $25,000.The useful life is 10 years. On April 2, 2019, the company was successful in obtaining a patent. The legal fees paid to an outside law firm were $8,400. The development costs paid to engineers who were employees of Bishop were $75,000. The useful life is 10 years. On July 1, 2019, Bishop acquired all the assets net of the liabilities of Fargo Company. The identifiable net assets’ market values at the time of purchase totaled $100,000. Bishop acknowledged the superior earnings and loyal customer following of Fargo Company. Therefore, Bishop and Fargo agreed on a total purchase price of $145,000. Any goodwill arising from the purchase is not to be amortized. On December 31, 2019, Bishop paid a consulting firm $17,000 to develop a trademark. In addition, legal fees paid in connection with the trademark were $3,000. Assume a useful life of 20 years. On August 1, 2019, Bishop acquired intangible asset with an…On January 1, 2022, Don Buchanan purchases a business that he will carry on as a sole proprietor. The purchase price includes $60,000 for goodwill. The business has a fiscal period that ends on December 31 and, for 2022, Don claims the maximum CCA. On January 1, 2023, the business is sold in an arm's length transaction with $82,000 paid for the goodwill. The affect of the sale of the goodwill is to increase net income for 2022 by: a. $14,000. b. $13,500. c. $15,500. d. $11,000.Greenfield Incorporated is a publicly traded company that has a calendar year end. During the year 2020, the company had the transactions listed below. For this assignment, complete the following requirements: Part 1 On April 1, 2020, Greenfield Incorporated purchased machinery valued at $300,000. The estimated life of the machinery is 10 years. The machinery also has a salvage value of $60,000. Over the life of the machine, the estimated hours that the machine will be used is 30,000 hours. The corporation is comparing depreciation calculations using several acceptable depreciation methods. Compute the depreciation expense for the machine for years 2020 and 2021 using the following methods: Year 2020 Year 2021 A Straight-line (with half-year convention) $ $ B 200% declining balance (with half-year convention) $ $ C 150% declining balance (with half-year convention) $ $ D Units-of-output method (Hours used: 2,600 hrs in Year 2020 and 6,000 in Year 2021) $ $ E…
- On January 1, 2021, Weaver Corporation purchased a patent for $231,000. The remaining legal life is 20 years, but the company estimates the patent will be useful for only six more years. In January 2023, the company incurred legal fees of $51,000 in successfully defending a patent infringement suit. The successful defense did not change the company’s estimate of useful life. Weaver Corporation’s year-end is December 31. 2. What is the balance in the Patent account at the end of 2023?HOME Ltd. is a Canadian-controlled private corporation operating a small land-development business. In the start of 2020, the company acquired a license to manufacture pre-fab homes and began operations immediately. Financial information for the 2020 taxation year is outlined below: 1. HOME 's profit before income taxes for the year ended November 30, 2020, was $245,000, as follows: Income from land development and pre-fab home manufacturing $248,000 Loss of sale of properties (3,000) $245,000 The loss on sale of property resulted from two transactions. On October 1, 2020, HOME sold all of its shares of Q Ltd., a 100% subsidiary, for $100,000. (The shares were acquired seven years ago for $80,000). Also, during the year, HOME sold some of its vehicles (class 10) for $25,000. The vehicles originally cost $50,000 and had a book value of $48,000 at the time of sale. New vehicles were obtained under a lease arrangement. (NOTE: capital gains are only 50% taxable). 2. The 2019 corporate tax…using information below how can I prepere Bringle company income statement effects for year end December 31, 2019? We have the following information: A patent was purchased from Lou Company for $1,845,000 on January 1, 2018. Bringle estimated the remaining useful life of the patent to be 15 years. The patent was carried in Lou's accounting records at a net book value of $1,635,000 when Lou sold it to Bringle. During 2019, a franchise was purchased from Rink Company for $470,000. In addition, 6% of revenue from the franchise must be paid to Rink. Revenue from the franchise for 2019 was $2,000,000. Bringle estimates the useful life of the franchise to be 5 years and takes a full year's amortization in the year of purchase On January 1, 2019, Bringle estimates, based on new events, that the remaining life of the patent purchased on January 1, 2018, is only 10 years from January 1, 2019 Step 2 Schedule showing the intangibles section of Bringle's balance sheet at December 31, 2019…
