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this is all one problem. Exercise 12-9 During 2013, Flint Corporation spent $171.360 in research and development costs. As a result, a new product called
this is all one problem.
Exercise 12-9 During 2013, Flint Corporation spent $171.360 in research and development costs. As a result, a new product called the New Age Piano was patented. The patent was obtained on October 1, 2013, and had a legal life of 20 years anda useful life of 10 years. Legal costs of $45,360 related to the patent were incurred as of October 1, 2013. Prepare all ournal entries required in 2013 and 2014 as result of the transactions above Round answers to 0 decimal places, e g 8,564. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry"for the account titles and enter O for the amounts Date Account Titles and Explanation 2013 Debit Credit To record research and development expenses) 2013 (To record legal expenses) 2013 To record amortization expense 2014 ST OF ACCOUNTS LINK TO TEXT TO TEXT On June 1. 2015, Flint spent $36,000 to successfully prosecute a patent infringement suit. As a result, the estimate of useful life was extended to 12 years from June 1, 2015. Prepare all journal entries required in 2015 and 2016. (Round answers to 0 decimal places, e.g. 8,564. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit 2015 To record patents) 2015 To record amortization expense) 2016 LIST OF ACCOUNTS To record amortization expense) 2016 LIST OF ACCOUNTS in 2017, Flint determined that a competitor's product would make the Naw Age Piano obsolete and the patent worthless by December 31, 2018. Prepare all journal entries required in 2017 and 2018. (Round ansivers to 0 decimal places, e.g. 8,564. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit LIST OF ACCOUNTSStep by Step Solution
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