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- Dragon Fruit Trading spent P1,440,000 in acquiring a patent on January 3, 2012. Due to the competitive nature of the product, the patent was estimated to have a useful life of 10 years. At the beginning of 2016, the company paid P180,000 for legal fees in a successful defense of the patent. On July 1, 2020, a competitor obtained rights to a patent which made Dragon Fruit's patent obsolete. How much is the loss from the patent obsolescence? * O P216,000 P243,000 P261,000 O P396,000 answer not givenDragon Fruit Trading spent P1,440,000 in acquiring a patent on January 3, 2012. Due to the competitive nature of the product, the patent was estimated to have a useful life of 10 years. At the beginning of 2016, the company paid P180,000 for legal fees in a successful defense of the patent. On July 1, 2020, a competitor obtained rights to a patent which made Dragon Fruit’s patent obsolete. How much is the loss from the patent obsolescence?The Garnet Trading spent P1,440,000 in acquiring a patent on January 3, 2011. Due to the competitive nature of the product, the patent was estimated to have a useful life of 10 years. beginning of 2015, the company paid P180,000 for legal fees in a successful defense of the patent. On July 1, 2019, a competitor obtained rights to a patent which made Garnet's patent obsolete. How much is the loss from the patent obsolescence? The correct answer is a. 216,000 Please give me a solution to this answer.
- apple Fruit Trading spent P1,440,000 in acquiring a patent on January 3, 2012. Due to the competitive nature of the product, the patent was estimated to have a useful life of 10 years. At the beginning of 2016, the company paid P180,000 for legal fees in a successful defense of the patent. On July 1, 2020, a competitor obtained rights to a patent which made apple Fruit’s patent obsolete. How much is the loss from the patent obsolescence? P216,000 P243,000 P261,000 P396,000 answer not givenBelkin Plc purchased a patent for $135,000 on September 1, 2016. It had a useful life of 10 years. On January 1, 2018, Belkin spent $33,000 to successfully defend the patent in a lawsuit. Belkin feels that as of that date, the remaining useful life is 5 years. What amount should be reported for patent amortization expense for 2018?On January 1, 2015, Moose Co. purchased for $360,000 a patent that had been granted two years earlier. On January 1, 2017, legal costs of $64,000 were incurred in a successful defense of the patent. Assuming the maximum period allowable is used for patent amortization, what is Moose's patent amortization expense for 2017? $21,555 $20,000 $18,000 $24,000
- Crystal Company summarized the following transactions pertaining to its patent. 2012 Spent P250, 000 for the research and development of the patent 2013 Jan. 1 Paid P60, 000 to apply for and obtain right to the patent. The useful life of the patent is 10 years. 2014 Jan. 1 Purchased for P600, 000 a new patent that is expected to prolong the life of the original patent by 6 years. 2015 Dec. 31 A competitor obtained rights to a patent which rendered the entity’s patent obsolete Required: Prepare all entries relating to the patent from 2012 to 2015. rules of answering the problemOn January 1, 2020, Purple Inc. purchased a patent for $33, 300. Legal fees paid in this purchase amounted to $1,700. The legal remaining life of the patent is 14 years, but Purple believes it will only help increase sales for the next 10 years. On January 1, 2023, Purple was sued for patent infringement and had to spend $4,900 of legal fees in the successful defense of this patent. What is the book value of this patent on December 31, 2023? Select one: a. $24,500 b. $21,000 c. $ 25,200 d. $30, 240 e. $19,600A patent was acquired by Renfro Corporation on January 1, 2014, at a cost of $90,000. The useful life of the patent was estimated to be 10 years. At the beginning of 2017, Renfro spent $15,000 in successfully defending an infringement of the patent. At the beginning of 2018, Renfro purchased a patent for $22,000 that was expected to prolong the life of its original patent for 5 additional years. Instructions Calculate the following amounts for Renfro Corporation. (а) Amortization expense for 2014. The balance in the Patent account at the beginning of (b) 2017, immediately after the infringement suit. Amortization expense for 2017. (c) The balance in the Patent account at the beginning of (d) 2018, after purchase of the additional patent. Amortization expense for 2018. (e)
- On January 3, 2012, the July Company spent P196,000 to apply for and obtain a patent on a newly developed product. The patent had an estimated useful life of 10 years. At the beginning of 2014, the company spent P28,000 in successfully prosecuting an attempted infringement of the patent.. At the beginning of 2017, the company purchased for P60,000 a patent that was expected to prolong the life of its original patent by 5 years. On July 1, 2020, a competitor obtained rights to a patent that made the company's patent obsolete. REQUIRED: Prepare journal entries to record the transactions relative to the patents from January 3, 2012 to July 1, 2020, inclusive.During 2017, Summer Company spent P500,000 for the research and development of its patent. On January 1, 2018, the company paid P120,000 to apply for and obtain right to the patent. The useful life of the patent is 10 years.On January 1, 2019, Summer Company purchased a new patent for P1,200,000 which is expected to prolong the life of the original patent by six years. On December 31, 2020, a competitor obtained rights to a patent that rendered Summer Company's patent obsolete.Required: Prepare all entries relative to the patent from 2017 through 2020.In January 2021, Blossom Corporation purchased a patent for a new consumer product for $558900. At the time of purchase, the patent was valid for fifteen years. Due to the competitive nature of the product, however, the patent was estimated to have a useful life of only ten years. In 2026 the product was determined to be obsolete due to a competitor's new product. What amount should Blossom report on the income statement during 2026 related to the patent, assuming straight-line amortization is recorded at the company's December 31 year-end? $35890 O $279450 O $578900 O $179450