E7-33A (similar to) Murley Printers incurred external costs of $700,000 for a patient for a new laser printer. Although the palent gives legal protection for 20 years, it was expected to provide Murly with a competitive advantage for only fourteen years due to expected technological advances in the industry. Murley uses the straight line method of amortization Click the icon to view additional information) Read the recitements. Requirement 2. Once Murley lowed of the competing printer and adjusted the expected ture cash flows from its original patent, was this asset impaired it so make the impairment adjusting entry (Record its first, then credits. Exclude explanations from any journal entries. For transactions that do not require an entry make sure to select No entry quired in the first cor in the "Accounts color and aveal other bank Journal Entry Credit Date Accounts Debit 500000 airment Loss on Patents 00000 and Juliansprom Preedy 1,343,092 v Choose from any list or enter any number in the input fields and then click Check Answer Check Antwer Car AB All parts showing chemontnomusic A 62 PM 2012030 Type here to search IE IR TTYTUTT Tv BNIM al information.) i More Info was this ass ns that don arned entry. quired After using the patent for ten years, Murley learned at an industry trade show that Faster Printers has patented a more efficient printer and will be selling this printer next quarter. Because of this new information, Murley determined that the expected future cash flows from its patent were now only $130,000. The fair value of Murley's patent on the open market was now zero. Acco Patent Print Done ter any number in the input fields and then click Check Answer. Check A Clear All machell Snack incurred external costs of $700,000 Tol a patent lui a luw idsui p or. Uluyll ut pulu YITU TuyUI PIULU ompetitive advantage for only fourteen years due to expected technological advances in the industry. Murley uses the straight- .con to view additional information) irements. * Requirements t2. Once Murley learned was this ass Dairment adjusting entry. Ins that don select "No entry required 1. Make journal entries to record (a) the purchase of the patent and (b) amortization for year 1. Once Murley learned of the competing printer and adjusted the expected Acco future cash flows from its original patent, was this asset impaired? If so, make the impairment adjusting entry. Impairment Loss on Patent Print Done from any list or enter any number in the input fields and then click Check Answer. Check Clear All ts showing mache arch Read the requirements. Requirement 1. Make journal entries to record (a) the purchase of the patent and (b) amortization for your 1. (Record debits first, then credits. Exclude explanations from any joumal entries.) Start by recording (a) the purchase of the patent Journal Entry Debit Credit Accounts Date 700,000 Patents Cash 700.000 inspo Preedy 1,343,092 v Choose from any list or enter any number in the input fields and then click Check Answer Check Answer machemontanom All parts showing Clear All Type here to search 25 QWERTYUIO LAS DFGHJK YBNM caps lock Read the requirements Date Credit Accounts Amortization Expense-Patents Patents Debit 50,000 50,000 Requirement 2. Once Murley learned of the competing printer and adjusted the expected future cash flows from its original patent, was this assot impaired? If so, make the impairment adjusting entry. (Record debits first, then credits Exclude explanations from any journal entries for transactions that do not require an entry make sure to select "No entry required in the first coll in the "Accounts column and leave all other coll bank.) Journal Entry promi Peedy Choose from any list or enter any number in the input fields and then click Check Answer 1,343,092 v All parts showing Clear All Check Answer machemontnomer Type here to search o WERTYUop ASDF G H I J K L On MV My way (Click the icon to view additional information) Read the requirements Requirement 2. Once Murley learned of the competing printer and adjusted the expected future cash fows from its original patent was this asset impaired? If so, make the impairment adjusting only. (Record debitstrst, then credits. Exclude explanations from any journal entries. For transactions that do not require an entry make sure to select No entry required in the first call in the "Accounts column and leave all other calls blank Journal Entry Accounts Date Credit Debit 500000 LITID LOSS Online Juliansport Preedy - k Choose from any list or enter any number in the input Belds and then clic Check Answe 1343.092 All parts showing Type here to search LT25GET Q WERTY UOP ASDFGHJKL 7 Zx BNM Colock s 7
