P. 1, P.2

needing to finish instructions for both

SUA C 33.0 PL 1 .4 has the area Bucheron Co. The S tuwing ys is to be me IN 1. - - - - he way u C Het for w ing fee, witing best , wie Paint pied ) C of das Wolne) Godwil w lite Les fee for at de l Red 171 1 te Wordhor the Mahar tren Sport for two Moto My ma h oces Lorex et 12 31-11 de 15- P2. (htcoin loc Pohon) fo r Precipitat procura por Deduct and which he and hur Oc t M onth Noter Fiction t findi po amber 15 42.00 SA.500 Dalt Arty 3 De Chart the birth parc marth Toshing or un 2 fece pale ways t o Poloto . www. 24 t hy to be the Decor to the man Dec 2015 L es paid and prepare put 2014 escort be the old pe Jy lees paid in de pie l e motor the 11.600 3 Fiat gumawa nywh e rO.. and we w 5 m afuta the word hy di mortiferunt ex The component part No 15- O d abes chon whethering La Ocam.bar . b) Demar C) O i Ruchenboen Co, gand in 2016 ha fet up a S e n t for all inton bio amets. The fooning Summary discloses the debt entries that have been recorded during 2011 and 2018 latible Quiet 1-1-11 Yytor franchise i expation date 6-30-25 $ 48.00 - Advance Payment on alory spate (2year lone) 24,000 12-31- Net le for 2011 wcluding Chale Interponite, 51, and rating tees of gaiting $5.0, Colbers were in an) 16,000 1-2-1 Patent parchased loyar life) 14.10 3- Cost of dus eloping a feeret forma contadinite lift) 75.000 41-19 Goodwill purcharth Undebitate life) 278.400 Gl. Legal fee for futursul dulote pale pathare but 11.06 9-18 Research and quiet COM 10,000 wa Papout the s u stite to ekor the World Atset Handle Schup Sepecale cant for ditlich haptatt inlande. Make entries as of 12-31-19, recording any ruly a more and feeling all bolonces curtely as of the date. Livore in toatfer P2. (Accounting for Parent) field laber chi ha un poll (16.151- 2-1) 09 Precipitate the present ourhan typu of our panahon Fieldt does not more focust or the Droduct and pronu which it all and then The Parents to trvalodu uply bove O n ay ito a palent. the era of field porn tumber 158.00L - I is as ons Cost 314,000 Dolc 2001-2001 Jan 10 march 2016 Jan 21 42.000 Achwity Releash Carducted to date precipitaker Deli c iano Drype Teshing of trodela fecs po w ered way to prepare prin spitalin Parent one buta , Engineering ochwy Neary to advance the duo of the Precipitator to the manufacturing itage 54.500 Nov. 2011 L, 500 Ma. Dec. 2013 April 2014 July 2011 Legal fee paid to Successfuary datend precipiater parent Research and ot modifying the dig o palenied precipitator Leqal fees paid muntetcessful patentingan luan a competer 34,000 Fields a nd that we of you when it recieves the precipitor patct, on lan,1,2 , felised the web Wie imated diw wordt 5 fema van Amer n i ampuled for a full year If the Cut is noured prior to July 1, and no mortion for year if the CELL Treurned after June 30. The Companyayar td Dec. 31 f potent No. 75.00L-I on each of the following dates instruction Campule the carrying o (a) Damber 31, 2011 (b) December 31, 2015 ce) De 20 PROBLEMS 016, has set up a P12.1 (L01.2.3,5) GROUPWORK (Correct Intangible Assets Account) Reichenbach Co., organized in 2016. hac single account for all intangible assets. The following summary discloses the debit entries that have been recorded during and 2018 7/1/17 10/1/17 12/31/17 $ 48,000 24,000 Intangible Assets 8-year franchise; expiration date 6/30/25 Advance payment on laboratory space (2-year lease) Net loss for 2017 including state incorporation fee, $1,000, and related legal fees of organizing, $5,000 (all fees incurred in 2017) Patent purchased (10-year life) Cost of developing a secret formula (indefinite life) Goodwill purchased (indefinite life) Legal fee for successful defense of patent purchased above Research and development costs 1/2/18 3/1/18 4/1/18 6/1/18 9/1/18 16,000 84,000 75,000 278,400 12,650 160,000 Instructions Prepare the necessary entries to clear the Intangible Assets account and to set up separate accounts for distinct types of intang bles. Make the entries as of December 31, 2018, recording any necessary amortization and reflecting all balances accurately as of that date. (Ignore income tax effects.) P12-2 (L01,2,4,5) EXCEL (Accounting for Patents) Fields Laboratories holds a valuable patent (No. 758-6002-1A) on a pre cipitator that prevents certain types of air pollution. Fields does not manufacture or sell the products and processes it develops Instead, it conducts research and develops products and processes which it patents, and then assigns the patents to manufacturers on a royalty basis. Occasionally it sells a patent. The history of Fields patent number 758-6002-1A is as follows. Problems 645 Date 2008-2009 Jan. 2010 March 2010 Jan. 2011 Cost $384,000 87.600 42,000 59,500 Nov. 2012 Activity Research conducted to develop precipitator Design and construction of a prototype Testing of models Fees paid engineers and lawyers to prepare patent application patent granted June 30, 2011 Engineering activity necessary to advance the design of the precipitator to the manufacturing stage Legal fees paid to successfully defend precipitator patent Research aimed at modifying the design of the patented precipitator Legal fees paid in unsuccessful patent infringement suit against a competitor Dec, 2013 April 2014 July 2018 81,500 42,000 43,000 34,000 Fields assumed a useful life of 17 years when it received the initial precipitator patent. On January 1, 2016, it revised its useful life estimate downward to 5 remaining years. Amortization is computed for a full year if the cost is incurred prior to July 1, and no amortization for the year if the cost is incurred after June 30. The company's year ends December 31 Instructions Compute the carrying value of patent No. 758-6002-1A on each of the following dates: (a) December 31, 2011. (b) December 31, 2015. (c) December 31, 2018