Financial Accounting Amortization of Patents Homework Help
- November 21, 2017
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1.Nieland Industries had one patent recorded on its books as of January 1, 2010. This patent had a book value of $288,000 and a remaining useful life of 8 years. During 2010, Nieland incurred research and development costs of $96,000 and brought a patent infringement suit against a competitor. On December 1, 2010, Nieland received the good news that its patent was valid and that its competitor could not use the process Nieland had patented. The company incurred $85,000 to defend this patent. At what amount should patent(s) be reported on the December 31, 2010, balance sheet, assuming monthly amortization of patents?
2. During 2007, Thompson Corporation spent $170,000 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, 2007, and had a legal life of 20 years and a useful life of 10 years. Legal costs of $24,000 related to the patent were incurred as of October 1, 2007.
(a)Prepare all journal entries required in 2007 and 2008 as a result of the transactions above.
(b) On June 1, 2009, Thompson spent $12,400 to successfully prosecute a patent infringement. As a result, the estimate of useful life was extended to 12 years from June 1, 2009. Prepare all journal entries required in 2009 and 2010. (Round amounts to 0 decimal places, e.g. 2,510.)
(c) In 2011, Thompson determined that a competitor’s product would make the New Age Piano obsolete and the patent worthless by December 31, 2012. Prepare all journal entries required in 2011 and 2012. (Round amounts to 0 decimal places, e.g. 2,510.)
Many stock analysts indicate a preference for less-volatile operating income measures. Such measures make it easier to predict future income and cash flows, using reported income measures. How does the accounting for impairments of intangible assets affect the volatility of operating income?
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Many accounting issues involve a trade-off between the primary characteristics of relevant and representationally faithful information. How does the accounting for intangible asset impairments reflect thistrade-off?
5. Due to rapid turnover in the accounting department, a number of transactions involving intangible assets were improperly recorded by the Goins Company in 2014.
1. Goins developed a new manufacturing process, incurring research and development costs of $136,000. The company also purchased a patent for $60,000. In early January, Goins capitalized $196,000 as the cost of the patents. Patent amortization expense of $19,600 was recorded based on a 10-year useful life.
2. On July 1, 2014, Goins purchased a small company and as a result acquired goodwill of $92,000. Goins recorded a half-year”s amortization in 2014, based on a 50-year life ($920 amortization). The goodwill has an indefinite life.
Prepare all journal entries necessary to correct any errors made during 2014. Assume the books have not yet been closed for 2014.
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