The following are selected 2020 transactions of Kingbird Ltd. Jan. 1   Purchased a small company and recorded goodwill of €155,000. Its useful life is indefinite. May 1   Purchased for €142,500 a patent with an estimated useful life of 5 years and a legal life of 19 years. Prepare necessary adjusting entries at December 31 to record amortization required by the events above. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31                 (To record goodwill amortization.)     Dec. 31                 (To record patent amortization.)   please make sur ethe answer is correct 100%

Q: On January 1, 2021, Weaver Corporation purchased a patent for $237,000. The remaining legal life is…

A: Intangible Assets:  Intangible assets are the long-term assets having no physical existence.…

Q: At December 31, 2020, the following existed on the records of DRA Co.:  Fixed Assets: $86,000…

A: In this case of DRA co., the year ended art September 30, 2021 and during the year total fixed asset…

Q: On January 2, 2018, David Corporation purchased a patent for $500,000. The remaining legal life is…

A:

Q: Corona Company purchased a patent for P284,375 on January 2, 2015. The patent was being amortized…

A: Corona Company purchased a patent for P284,375 on January 2, 2015. The patent was being amortized…

Q: Reported in the ledger of Mayumi Company On December 31, 2017, is a Patent account with a balance of…

A: As per the accounting standards the carrying value of patent is equal to the purchase cost of…

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: MG Corporation acquired a patent for a new product for $260,000 on 2 January 2013 with a useful life…

A: Solution: Annual amortization expense on Patent = Cost of patent / Estimated useful life =  $260,000…

Q: Provide the necessary accounting entries: A patent right is acquired July 1,2021, for P250,000;…

A: A patent is an intangible asset. The amount of patent is amortized as compared to depreciation in…

Q: Reported in the ledger of Mayumi Company On December 31, 2017, is a Patent account with a balance of…

A: Balance of patent as on 31 December 2017 = P 120,000 Useful life of an asset = 8 years Amount of…

Q: Springer Company had three Intangible assets at the end of 2020 (end of the accounting year): a. A…

A: The company has three intangible assets: Copyright Goodwill Patent The life of the "Copyright" is…

Q: On January 1, 2014, Aim Company showed patent of P1,920,000 with related accumulated amortization of…

A:

Q: Prepare journal entries, no explanations needed to record events as on December 31,2019?Hedel Corp…

A: Journal entry: A journal entry is one of the financial statements which is used to record…

Q: A company purchased a patent on January 1, 2014, for $1,992,000. The patent's legal life is 20 years…

A: Patents- Cost incurred to legally protect product and process ideas resulting from R&D.…

Q: amortization expense in 2024?

A: The Blue company has bought the trademark from shoes inc. for P300,000 then the amortization cost in…

Q: Corona Company purchased a patent for P284,375 on January 2, 2015. The patent was being amortized…

A: Corona Company purchased a patent for P284,375 on January 2, 2015. The patent was being amortized…

Q: On January 1, 2021, Weaver Corporation purchased a patent for $231,000. The remaining legal life is…

A: Amortization expense = Cost of patent / Estimated useful life = $231,000 / 6 = $38,500 Amortization…

Q: using information below how can I prepere Bringle company income statement effects for year end…

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

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: On January 2, 2018,Judd Co. bought a trademark from Krug Co. for P500,000. Judd retained an…

A: Amortization is the reduction in the worth of an intangible asset due to its regular usage.…

Q: Sunland Co. bought a patent from Carla Vista Corp. on January 1, 2021, for $918000. An independent…

A: Intangible assets: These are long-term assets having no physical existence. However, the benefits…

Q: Kirson Holdings Ltd. purchased the net assets of Baker Ltd. in January 2020 for $6,082,000. Kirson…

A: Net assets=Assets-Liabilities

Q: On January1, 2021, an entity decided to declea of an existing patent from 10 years to 8 years. The…

A: Patent   Cost         P3,000,000 Previous annual amortization (P3,000,000÷10 years = P300,000)…

Q: Martinez, Inc. acquired a patent on January 1, 2017 for $41,700 cash. The patent was estimated to…

A: Particulars Amount Value of patent Acquired $41,700 Less : Amortization for 2017 (41700/10years)…

Q: On September 30, 2019, Leeds LTD. acquired a patent in conjunction with the purchase of another…

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

Q: On January 1, 2018, Joel Company purchased a patent for P7,140,000. The patent is being amortized…

A: As per IAS 8, Accounting policies,Changes in accounting estimates and errors A change in legal life…

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: Larkspur Enterprises purchased equipment on January 1, 2020, at a cost of €339,000. Larkspur uses…

A: As per relevant standard depreciation is mandatory and it is to be charged on the asset. Straight…

Q: On July 1, 2021, RJ Components had an equipment with cost of P5,000,000 and accumulated depreciation…

A: The correct answer for the above mentioned question is given in the following steps for your…

Q: Oriole Enterprises purchased equipiment on January 1. 2020, at acost of €342,000. Oriale uies the…

A: The question is based on the concept of Financial Accounting.

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: Corn Snake Company purchased patent on January 1, 2019, for P3,570,000. The patent was being…

A: Assets is an important element of balance sheet of the business. There can be tangible assets or…

Q: Brazen Company purchased a patent on January 1, 2015 for P6,000,000. The original life of the…

A: Intangible assets with a limited useful life must be amortized over the asset's lifetime. Intangible…

Q: On January 1, 2019, the account balances of Acelle Company showed patent cost of P1,920,000 and…

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

Q: Higgins Company purchased a patent from Monroe Limited for $203,400 on January 1, 2020. The patent…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: in November 4, 2019, Blue Company acquired an asset (27.5-year residential real property) for…

A:

Q: In early January 2019, Outkast Corporation applied for a trade name, incurring legal costs of…

A:

Q: Brazen Company purchased a patent on January 1, 2015 for P6.000,000. The original life of the patent…

A: Value of patent amortization from 1 Jan, 2015 to 1 Jan, 2020= 6,000,000*5/15 =2,000,000 Since the…

Q: Express Co purchased equipment on March 1, 2019, for $95.000 on account. The equipment had an…

A: Journal is the recording of financial transactions in the chronological order using the dual entity…

Q: On January 1, 2024, Weaver Corporation purchased a patent for $255,000. The remaining legal life is…

A: Amortization is the accounting method to allocate the cost of intangible assets in the useful life…

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

A: Solution Given Cost of patent 4000000 Expected life 10 year Residual value 0…

Q: Presented below is selected information for Alatorre Company. 1. Alatorre purchased a patent from…

A: 1. Calculate the amount that should be reported in the balance sheet for the patent, net of…

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: On December 31, 2026, MATAPAT Company classified as held for sale an equipment with a carrying…

A: Lets understand the meaning of impairment here. When recoverable amount is less than the carrying…

Q: 1. On May 1, 2019, ABC Corporation bought a trademark from DEF Corporation for P300,000. Its…

A: Hello. Since your question has multiple parts, we will solve the first question for you. If you want…

Q: On January 1, 2017, Mae Company, an SME, purchased a patent for P7,140,000. The patent is being…

A: Patent is one of the intangible asset being held by the business. This type of assets can not be…

Q: ABC Company acquired a patent right on July 1, 2019 for P500,000. The asset has a legal life of 15…

A: