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    "question_id": "4232071",
    "url": "\/study-help\/questions\/exercise-1211-tones-industries-has-the-following-patents-on-its-4232071",
    "question_creation_date_js": "2024-06-28T03:38:49-04:00",
    "question_creation_date": "Jun 28, 2024 03:38 AM",
    "meta_title": "[Solved] Exercise 12-11 Tones Industries has the f | SolutionInn",
    "meta_description": "Answer of - Exercise 12-11 Tones Industries has the following patents on its December 31, 2013, balance sheet. Patent Item Initial | SolutionInn",
    "meta_keywords": "exercise,12-11,tones,industries,patents,december,31,2013,balance,sheet,patent,item",
    "question_title_h1": "Exercise 12-11 Tones Industries has the following patents on its December 31, 2013, balance sheet. Patent Item Initial Cost Date Acquired Useful Life at Date",
    "question_title": "Exercise 12-11 Tones Industries has the following patents on its December 31,",
    "question_title_for_js_snippet": "Exercise 12 11 Tones Industries has the following patents on its December 31, 2013, balance sheet  Patent Item Initial Cost Date Acquired Useful Life at Date Acquired Patent A $45,084 3 1 10 17 years Patent B $24,240 7 1 11 10 years Patent C $39,840 9 1 12 4 years The following events occurred during the year ended December 31, 2014  1  Research and development costs of $224,240 were incurred during the year  2  Patent D was purchased on July 1 for $40,014  This patent has a useful life of 9 1   2 years  3  As a result of reduced demands for certain products protected by Patent B, a possible impairment of Patent Bs value may have occurred at December 31, 2014  The controller for Tones estimates the expected future cash flows from Patent B will be as follows  Year Expected Future Cash Flows 2015 $2,140 2016 2,140 2017 2,140 The proper discount rate to be used for these flows is 8   (Assume that the cash flows occur at the end of the year ) Compute the total carrying amount of Tones patents on its December 31, 2013, balance sheet (Round all answers to 0 decimal places, e g  8,564) Total carrying amount $ LINK TO TEXT Compute the total carrying amount of Tones' patents on its December 31, 2014, balance sheet (Round all answers to 0 decimal places, e g  8,564) Totalcarrying amount $",
    "question_description": "<p><\/p> <table><tbody><tr> <td> <table><tbody><tr><td> <table><tbody><tr><td> Exercise 12-11 Tones Industries has the following patents on its December 31, 2013, balance sheet. <table><tbody> <tr> <td> Patent Item <\/td> <td> Initial Cost <\/td> <td> Date Acquired <\/td> <td> Useful Life at Date Acquired <\/td> <\/tr> <tr> <td>Patent A<\/td> <td>$45,084<\/td> <td>3\/1\/10<\/td> <td>17 years<\/td> <\/tr> <tr> <td>Patent B<\/td> <td>$24,240<\/td> <td>7\/1\/11<\/td> <td>10 years<\/td> <\/tr> <tr> <td>Patent C<\/td> <td>$39,840<\/td> <td>9\/1\/12<\/td> <td>4 years<\/td> <\/tr> <\/tbody><\/table> The following events occurred during the year ended December 31, 2014. <table><tbody> <tr> <td>1.<\/td> <td>Research and development costs of $224,240 were incurred during the year.<\/td> <\/tr> <tr> <td>2.<\/td> <td>Patent D was purchased on July 1 for $40,014. This patent has a useful life of 9<sup>1<\/sup>\/<sub>2<\/sub>years.<\/td> <\/tr> <tr> <td>3.<\/td> <td>As a result of reduced demands for certain products protected by Patent B, a possible impairment of Patent Bs value may have occurred at December 31, 2014. The controller for Tones estimates the expected future cash flows from Patent B will be as follows.<\/td> <\/tr> <\/tbody><\/table> <table><tbody> <tr> <td> Year <\/td> <td> Expected Future Cash Flows <\/td> <\/tr> <tr> <td>2015<\/td> <td>$2,140<\/td> <\/tr> <tr> <td>2016<\/td> <td>2,140<\/td> <\/tr> <tr> <td>2017<\/td> <td>2,140<\/td> <\/tr> <\/tbody><\/table> The proper discount rate to be used for these flows is 8%. (Assume that the cash flows occur at the end of the year.) <\/td><\/tr><\/tbody><\/table> <\/td><\/tr><\/tbody><\/table> <\/td> <td><\/td> <\/tr><\/tbody><\/table> <table><tbody><tr><td><\/td><\/tr><\/tbody><\/table> <table><tbody><tr> <td><\/td> <td> <table><tbody><tr><td> <table><tbody><tr><td> Compute the total carrying amount of Tones patents on its December 31, 2013, balance sheet.(Round all answers to 0 decimal places, e.g. 8,564) <table><tbody><tr> <td>Total carrying amount<\/td> <td> $ <\/td> <\/tr><\/tbody><\/table> <table><tbody><tr><td> LINK TO TEXT <\/td><\/tr><\/tbody><\/table> <\/td><\/tr><\/tbody><\/table> <\/td><\/tr><\/tbody><\/table> <\/td> <td><\/td> <\/tr><\/tbody><\/table> <table><tbody><tr><td><\/td><\/tr><\/tbody><\/table> <table><tbody><tr> <td><\/td> <td> <table><tbody><tr><td> <table><tbody><tr><td> Compute the total carrying amount of Tones' patents on its December 31, 2014, balance sheet.(Round all answers to 0 decimal places, e.g. 8,564) <table><tbody><tr> <td>Totalcarrying amount<\/td> <td><p> $ <\/p><\/td> <\/tr><\/tbody><\/table> <\/td><\/tr><\/tbody><\/table> <\/td><\/tr><\/tbody><\/table> <\/td> <\/tr><\/tbody><\/table>",
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    "question_posted": "2024-06-28 03:38:49",
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