Sinise Industries acquired two copyrights during 2020. One copyright related to a textbook that was developed internally at a cost of $9,900. This textbook is estimated to have a useful life of 3 years from September 1, 2020, the date it was published. The second copyright (a history research textbook) was purchased from University Press on December 1, 2020, for $24,000. This textbook has an indefinite useful life. How should these two copyrights be reported on Sinise's balance sheet as of December 31, 2020?

Q: The patent was acquired in January 1, 2019 and has a useful life of 10 years. The franchise was…

A: Legal cost to successfully defend the patent against infringement by another company is amortized…

Q: Belkin Plc purchased a patent for $135,000 on September 1, 2016. It had a useful life of 10 years.…

A: First, compute the carrying value of patent on January 1, 2018 and then add the cost of defending…

Q: On March 20, 2020, Fine Touch Corporation purchased two machines at auction for a combined total…

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A: The intangible assets are not depreciated every year but get amortized with the passage of time.

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A: Amortization is the reduction in the valuation of any Intangible Asset of the company. This…

Q: A. Manam Co. purchased a Trademark for $ 160,000 on October 1, 2020. The Trademark is legally used…

A: Amortization on Trademark for year 2020 = $160,00010 years ×3 months12 months = $4,000 Yearly…

Q: On January 1, 2015, Moose Co. purchased for $360,000 a patent that had been granted two years…

A: Introduction: Intangible Asset: Assets which cannot seen or touch called Intangible assets. Example:…

Q: Janes Company provided the following information on intangible assets: A patent was purchased from…

A: Solution:- 1)Preparation of the entries necessary for years 2019 through 2021 to reflect the above…

Q: Bricktown Exchange purchases a copyright for $50,000. The copyright has a remaining legal life of 25…

A: Amortization per year = Purchase Cost / expected useful life =$50,000 / 5 years =$10,000

Q: On January 3, 2018, Sweet company bought a patent for P540,000. The estimated useful life of the…

A: The amortization expense is charged on intangible assets as reduced value of asset with time passed.…

Q: on January 1, 2019 Lina as a Manufacturing Company acquired a patent on a manufacturing process for…

A: As per our protocol we provide solution to the one question only but since you have asked two…

Q: On January 1, 2017, Jayjay Company, a large company, purchased a patent for a new consumer product…

A: Amortization of an intangible asset is done for the period of its useful life. However, in case an…

Q: On January 4, 2021, the Franc Company purchased for P27,000 a patent that had been filed eight…

A: Journal entries of Company F for 2021  and 2022. For 2021: Date Particulars Debit Credit Jan 4,…

Q: On January 1, 2022, Irwin company purchased the copyright to quick computer tutorials for $120,000.…

A: The amortization expenses are charged on intangible assets of the business.

Q: During 2017, Summer Company spent P500,000 for the research and development of its patent. On…

A: Patent is an intangible fixed asset.  It is amortised every year as…

Q: Presented below is information related to copyrights owned by Carla Vista Company at December 31,…

A: 1) Date Particulars Debit Credit December 31,2020 Loss on Impairment  1,150,000…

Q: On May 1, 2019, Al-Quds Co. purchased a trademark with a cost of $120000. The trademark is…

A: Impairment of assets means reducing the book value  of assets when carrying amount is more than…

Q: Sinise Industries acquired two copyrights during 2017. One copyright related to a textbook that was…

A: Copyrights are type of intangible assets. These are also called intellectual assets and are non…

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A: Given: General Products successfully defended these trademarks at a legal cost of $45,000. The new…

Q: Presented below is information related to copyrights owned by Wamser Corporation at December 31,…

A: Copyright: Copyright is a law that gives the owner of a work (for example, a book, movie, picture,…

Q: Ice Giant Company purchased a patent on January 1, 2015 for P6,000,000. The original useful life was…

A: Depreciation , amortization , depletion all means the fall in value of assets due to one reason or…

Q: During 2018, Matsumura Ltd. spent ¥170,000 in research costs. As a result, a new product called the…

A: 1. Result:

Q: Nieland Industries had one patent recorded on its books as of January 1, 2020. This patent had a…

A:

Q: Janes Company provided the following information on intangible assets: A patent was purchased from…

A: Intangible assets are the assets which are not visible in nature but contains value which generates…

Q: On January 1, 2016, Gordon Company purchased a patent for $420,000 from an inventor who had…

A: Depreciation means the loss in value of assets because of usage of assets , passage of time or…

Q: On January 1, 2018, Sally, Inc. bought a patent for $100,000. There were ten years left of the…

A: Patent amortization is a system of recording or charging price, through which companies allocate the…

Q: Katana Company purchased a patent on January 1, 2014 for P6,000,000. The original life was estimated…

A: “Since you have posted multiple questions, we will solve the first question for you. To get the…

Q: PEI Ltd. purchased a copyright on a new book series about the history of the Great Lakes in Ontario…

A: Journal entry - It refers to the process where the business transactions are recorded in the books…

Q: On January 2, 2016, Dec Company purchased a patent for a new consumer product for P900,000. patent…

A: Patents are intangible assets (those which do not have physical appearance). Intangible assets are…

Q: Stars Corporation incurred a P198,900 of research and development costs to develop a product for…

A: January 2, 2017: Legal cost and other costs of patent = P44,200 Useful economic life = 20 years On…

Q: On January 1, 2020, Russell Company purchased a copyright for $2,000,000, having an estimated useful…

A: Intangible assets is recognized at purchase cost and legal fees paid in a successful defense and any…

Q: journal entries

A: Journal entries are used to record the business transactions in the accounting system for an…

Q: Skysong Industries has the following patents on its December 31, 2019, balance sheet. Patent Item…

A: Working Note:- 17 Years*12=204 44,268*46/204=9,982 44,268-9,982=34,286 Impairment Loss of Patent B…

Q: On January 1, 2017, Honey company acquired a patent for a drug with a remaining legal and useful…

A:

Q: Hepburn Company bought a copyright for $120,000 on January 1, 2018, at which time the copyright had…

A: In straight line depreciation we assume there is uniform annual depreciation of assets and it is…

Q: Jolis Company has provided information on the following items: 1. A patent was purchased from Totley…

A: Explanation of Solution: Intangible assets: These are the long-term assets which are not physical in…

Q: On January 1, 2022, Proton, Inc. purchased a patent giving it exclusive rights to manufacture a new…

A:

Q: Sage Hill Industries has the following patents on its December 31, 2019, balance sheet. Patent…

A: A) Calculate the total carrying amount of patent on December 31, 2019.

Q: Using the information below for Baxter Corporation, prepare all necessary journal entries ONLY on…

A: 00Lega Cost for purchase of copyright is added to copyright account. It means the legal cost for…

Q: Sandy company acquired a copyright to a best seller novel for 855,000 on January 1, 2017.  The…

A: Most amortization of Intangible assets are done using the straight-line method, and so to calculate…

Q: On March 20, 2020, FineTouch Corporation purchased two machines at auction for a combined total cost…

A: Journal entries are passed following the golden rules of accounting. Debit all assets and expenses…

Q: 0 for a major overhaul to put the equipment in good running condition. The equipment  is available…

A: The journal entries is given as,

Q: Crane Company purchased a patent on January 1, 2020 for $568000. The patent had a remaining useful…

A: Amortization: Amortization can be defined as the process in which the cost of the intangible assets…

Q: In January of 2021, the Phillips Company purchased a patent at a cost of $100,000. The company…

A: Cost of patent = $100,000 Useful life = 10 years

Q: On January 1, 2021, Tabitha Designs purchased a patent for $294,000 giving it exclusive rights to…

A: The answer is as fallows

Q: On January 2, 2021, Harlan Company purchased a patent for $48,000. The patent has an estimated…

A: A patent appears to be a legal privilege awarded by a sovereign authority to an inventor. In…

Q: XYZ Corporation incurred the following costs in 2020: • XYZ Corporation purchased a patent from ABC…

A: Intangible assets include: Goodwill  Patent Copyright Trademark

Q: Company purchased the copyright to a basic computer textbook for $80,000. The usual life of a…

A: The copy right will be amortized with the straight line method. The useful life of the intangible…

Q: Sydney, Inc., a manufacturer of chocolate-coated mint candy acquired a patent on June 25, 2018, for…

A: Intangible assets shall be amortized over the useful life of intangible assets.  Amortization…