Celine Dion Corporation purchases a patent from Salmon Company on January 1, 2019, for $55,000. The patent has a remaining legal life of 16 years. Celine Dion feels the patent will be useful for 11 years. Prepare Celine Dion’s journal entries to record the purchase of the patent and 2019 amortization.

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A: Formula: Amortization expense = ( Asset cost - Salvage value  ) / Useful life

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A: Journal entry is a record of financial transaction in the books of accounts maintained by an…

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Q: Good mornig 5 mayo 8:44

A: Following is the journal entry to record the purchase of the patent:

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A: Introduction:- Journal entry is the first stage of accounting process. which is used to record…

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A: Intangible Assets: Assets that cannot be touched in physical are Intangible Assets. These are long…

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A: NOTE: “Since you have posted a question with multiple sub-parts, we will solve first three subparts…

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A: Cost of franchise  = $589000 Contract period = 5 years Amortization per year  = $589000/5 =$117800

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A: Intangible Assets Example for Intangible assets are goodwill, patent, Trademark, copyright etc.…

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A: 1) Calculation of Amortization for the patent for 2019 and 2020:   Amortization = ( Total patent…

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A: If a competing patent is acquired to protect an original patent. The cost of the new patent and the…

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A: Workings: Purchased patent on January 01, 2017 for $ 54000 useful life = 10 years.

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A: Given the following information: On January 4, 2021, the Franc Company purchased for $27,000 a…

Q: Required: Prepare the journal entry to record the amortization expense on Dec 31, 2020

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A: Amortization  expense/ depreciation  = cost - residual value / useful  life

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A: Given,  On Jan. 1, 2020 : Acquired Patent for Cash = $ 45,000

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A: Intangible assets: - Intangible assets are those assets of the company which cannot be touched or…

Q: Good night PREGUNTA

A: Amortization: It is the process of allocating the value of an intangible asset over its definite…

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A: Cost of the tractor = Amount paid at the time of purchase + Present value of Annuity payment  where,…

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A: Journal Entry:   It is a systematic record of a financial transaction recorded in chronological…

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A:

Q: Cramer Corp. sells idle machinery to Enyart Company on July 1, 2020, for $40,000. Cramer agrees to…

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A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets…

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A: Patent is a right that is exclusively granted by the Government to an individual or firm to process…

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A: Intangible assets such as patents, copyright etc are initially recorded at cost.

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A: Amortization expense = Cost of patent/Useful life

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A: The patent is the intangible fixed asset and hence required tobe amortised as per…

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A: Amortization Expense = Purchase costs / useful life = $260000/4 = $65,000

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A: Answer is option B) 4,896,000

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A: Formula: Total amortization deduction = Amortization for patent  + Amortization for Goodwill

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A: Note means an instrument acknowledging as debt due from one party to another party. It carry defined…

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A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

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A: Annual amortization of Patent = Purchase cost of Patent / Useful life = $120000/8 years = $15,000

Q: what is the amortization expense for the year ended December 31, 2022?

A: Intangible assets are assets that doesn't have a physical existence. Example: Goodwill, Patent,…