Business, 11.02.2020 16:23 kkcheers16

Marin Industries has the following patents on its December 31, 2019, balance sheet.

Patent Item Initial Cost Date Acquired Useful Life at Date Acquired
Patent A $45,696 3/1/16 17 years
Patent B $17,880 7/1/17 10 years
Patent C $25,920 9/1/18 4 years

The following events occurred during the year ended December 31, 2020.

1. Research and development costs of $254,000 were incurred during the year.
2. Patent D was purchased on July 1 for $29,184. This patent has a useful life of 91/2 years.
3. As a result of reduced demands for certain products protected by Patent B, a possible impairment of Patent B’s value may have occurred at December 31, 2020. The controller for Marin estimates the
expected future cash flows from Patent B will be as follows.

Year Expected Future Cash Flows

2021 $2,100
2022 2,100
2023 2,100

The proper discount rate to be used for these flows is 8%. (Assume that the cash flows occur at the end of the year.)

a. Compute the total carrying amount of Marin’ patents on its December 31, 2019, balance sheet.
b. Compute the total carrying amount of Marin' patents on its December 31, 2020, balance sheet.

Answers: 1

Show answers

Another question on Business

Business, 22.06.2019 09:20

Which statement best explains the relationship between points a and b? a. consumption reaches its highest point, and then supply begins to fall. b. inflation reaches its highest point, and then the economy begins to expand. c. production reaches its highest point, and then the economy begins to contract. d. unemployment reaches its highest point, and then inflation begins to decrease.

Answers: 2

Answer

Business, 22.06.2019 10:40

You were able to purchase two tickets to an upcoming concert for $100 apiece when the concert was first announced three months ago. recently, you saw that stubhub was listing similar seats for $225 apiece. what does it cost you to attend the concert?

Answers: 1

Answer

Business, 22.06.2019 12:20

Over the past decade, brands that were once available only to the wealthy have created more affordable product extensions, giving a far broader range of consumers a taste of the good life. jaguar, for instance, launched its x-type sedan, which starts at $30,000 and is meant for the "almost rich" consumer who aspires to live in luxury. by marketing to people who desire a luxurious lifestyle, jaguar is using:

Answers: 3

Answer

Business, 22.06.2019 15:40

Acompany manufactures x units of product a and y units of product b, on two machines, i and ii. it has been determined that the company will realize a profit of $3 on each unit of product a and $4 on each unit of product b. to manufacture a unit of product a requires 7 min on machine i and 5 min on machine ii. to manufacture a unit of product b requires 8 min on mchine i and 5 min on machine ii. there are 175 min available on machine i and 125 min available on machine ii in each work shift. how many units of a product should be produced in each shift to maximize the company's profit p?

Answers: 2

Answer

You know the right answer?

Marin Industries has the following patents on its December 31, 2019, balance sheet.

Pate...

Questions