Kleen Company acquired patent rights on January 10 of Year 1 for $400,000. The patent has a useful life equal to its legal life of 8 years. On January 7 of Year 4, Kleen successfully defended the patent in a lawsuit at a cost of $20,000. Question Content Area a. Determine the patent amortization expense for the Year 4 ended December 31.fill in the blank 1 of 1$ Feedback Area Feedback Question Content Area b. Journalize the adjusting entry on December 31 of Year 4 to recognize the amortization. If an amount box does not require an entry, leave it blank. blank Account Debit Credit blank
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Kleen Company acquired patent rights on January 10 of Year 1 for $400,000. The patent has a useful life equal to its legal life of 8 years. On January 7 of Year 4, Kleen successfully defended the patent in a lawsuit at a cost of $20,000.
Question Content Area
a. Determine the patent amortization expense for the Year 4 ended December 31.
fill in the blank 1 of 1$
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Question Content Area
b. Journalize the
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- Worksheet for Service Company Whitaker Consulting Company has prepared a trial balance on the following partially completed worksheet for the year ended December 31, 2019: Additional information: (a) On January 1, 2019, the company had paid 2 years rent in advance at 100 a month for office space, (b) the office equipment is being depreciated on a straight-line basis over a 10-year life, and no residua! value is expected, (c) interest of 150 has accrued on the note payable but has not been paid, and (d) the income tax rate is 30% on current income and will be paid in the first quarter of 2020. Required: 1. Complete the worksheet. 2. Prepare financial statements for 2019.Kleen Company acquired patent rights on January 10 of Year 1 for $344,000. The patent has a useful life equal to its legal life of eight years. On January 7 of Year 4, Kleen successfully defended the patent in a lawsuit at a cost of $17,000. If required, round your answers to the nearest dollar. Question Content Area a. Determine the patent amortization expense for Year 4 ended December 31.$fill in the blank 88c643fcdfe1040_1 Feedback Area Feedback For intangible assets with finite lives, a company uses the straight-line method to calculate amortization. If a company successfully defends a patent it becomes part of the cost of the patent. If the company loses a lawsuit regarding a patent infringement, then the patent is written off. Question Content Area b. Journalize the adjusting entry on December 31 of Year 4 to recognize the amortization. If an amount box does not require an entry, leave it blank. blank Amortization Expense-Patents…Kleen Company acquired patent rights on January 10 of Year 1 for $352,000. The patent has a useful life equal to its legal life of eight years. On January 7 of Year 4, Kleen successfully defended the patent in a lawsuit at a cost of $17,500. If required, round your answer to the nearest dollar. a. Determine the patent amortization expense for the Year 4 ended December 31. b.) Journalize the adjusting entry on December 31 of Year 4 to recognize the amortization.
- Kleen Company acquired patent rights on January 10 of Year 1 for $882,000. The patent has a useful life equal to its legal life of eight years. On January 7 of Year 4, Kleen successfully defended the patent in a lawsuit at a cost of $39,600. Required: a. Determine the patent amortization expense for Year 4 ended December 31. b. Journalize the adjusting entry on December 31 of Year 4 to recognize the amortization. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS Kleen Company General Ledger ASSETS 110 Cash 111 Petty Cash 112 Accounts Receivable 114 Interest Receivable 115 Notes Receivable 116 Merchandise Inventory 117 Supplies 119 Prepaid Insurance 120 Land 123 Delivery Truck 124 Accumulated Depreciation-Delivery Truck 125 Equipment 126 Accumulated Depreciation-Equipment 130 Mineral Rights 131 Accumulated Depletion 132 Goodwill 133 Patents LIABILITIES 210 Accounts…Kleen Company acquired patent rights on January 10 of Year 1 for $881,100. The patent has a useful life equal to its legal life of eight years. On January 7 of Year 4, Kleen successfully defended the patent in a lawsuit at a cost of $49,200. Required: a. Determine the patent amortization expense for Year 4 ended December 31. b. Journalize the adjusting entry on December 31 of Year 4 to recognize the amortization. Refer to the Chart of Accounts for exact wording of account titlesKleen Company acquired patent rights on January 10 of Year 1 for $2,800,000. The patent has a useful life equal to its legal life of eight years. On January 7 of Year 4, Kleen success-fully defended the patent in a lawsuit at a cost of $38,000. a. Determine the patent amortization expense for Year 4 ended December 31. b. Journalize the adjusting entry on December 31 of Year 4 to recognize the amortization.
- On April 1, a patent with an estimated useful economic life of 12 years was acquired for $57,600. In addition, on December 31, it was estimated that goodwill of $35,000 was impaired. a. Record the acquisition of patent. If an amount box does not require an entry, leave it blank. b. Journalize the adjusting entry on December 31 for the amortization of the patent rights. Do not round intermediate calculations. If an amount box does not require an entry, leave it blank. Dec. 31Kleen Company acquired patent rights on January 10 of Year 1 for $918,000. The patent has a useful life equal to its legal life of 8 years. On January 7 of Year 4, Kleen successfully defended the patent in a lawsuit at a cost of $54,000. Required: a. Determine the patent amortization expense for Year 4 ended December 31. b. Journalize the adjusting entry on December 31 of Year 4 to recognize the amortization. CHART OF ACCOUNTS Kleen Company General Ledger ASSETS 110 Cash 111 Petty Cash 112 Accounts Receivable 114 Interest Receivable 115 Notes Receivable 116 Merchandise Inventory 117 Supplies 119 Prepaid Insurance 120 Land 123 Delivery Truck 124 Accumulated Depreciation-Delivery Truck 125 Equipment 126 Accumulated Depreciation-Equipment 130 Mineral Rights 131 Accumulated Depletion 132 Goodwill 133 Patents LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable…On April 1, a patent with an estimated useful economic life of 12 years was acquired for $100,800. In addition, on December 31, it was estimated that goodwill of $55,500 was impaired. a. Record the acquisition of patent. If an amount box does not require an entry, leave it blank. b. Journalize the adjusting entry on December 31 for the amortization of the patent rights. Do not round intermediate calculations. If an amount box does not require an entry, leave it blank. c. Journalize the adjusting entry on December 31 for the impaired goodwill. If an amount box does not require an entry, leave it blank.
- In January of Year 1, Ford Co. purchased a patent from a research institution for $600,000. The patent was estimated to have a useful life of 15 years. In December of Year 2, Ford Co. defended the patent in legal proceedings and successfully retained rights of ownership of the patent. The estimated life of the patent did not change from its original estimate. Legal expenses on December 31 were $48,000. Determine the (1) amortization for Year 2, and (2) carrying value of the patent on December 31 of Year 2.On December 31, it was estimated that goodwill of $1,600,000 was impaired. In addition, a patent with an estimated useful economic life of 15 years was acquired for $594,000 on August 1. B. Journalism the adjusting entry on December 31 for the amortization of the patent rights. If an amount box does not require an entry, leave it blank.On December 31, it was estimated that goodwill of $4,450,000 was impaired. In addition, a patent with an estimated useful economic life of 12 years was acquired for $720,000 on April 1. Question Content Area a. Journalize the adjusting entry on December 31 for the impaired goodwill. If an amount box does not require an entry, leave it blank. Dec. 31 - Select - - Select - - Select - - Select - Question Content Area b. Journalize the adjusting entry on December 31 for the amortization of the patent rights. Do not round intermediate calculations. If an amount box does not require an entry, leave it blank. Dec. 31 - Select - - Select -