Maurice Tutor

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    Argosy University/ Phoniex University/
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    Phoniex University
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Category > Accounting Posted 25 Sep 2017 My Price 10.00

Reddy Industries

 

(Accounting for Patents) Reddy Industries has the following patents on its December 31, 2011, balance sheet.

Patent Item

Initial Cost

Date Acquired

Useful Life at Date Acquired

Patent A

$40,800

3/1/08

17 years

Patent B

$15,000

7/1/09

10 years

Patent C

$14,400

9/1/10

4 years

The following events occurred during the year ended December 31, 2012.

1. Research and development costs of $245,700 were incurred during the year.

2. Patent D was purchased on July 1 for $28,500. This patent has a useful life of 91/2 years.

3. As a result of reduced demands for certain products protected by Patent B, a possible impairment of Patent B’s value may have occurred at December 31, 2012. The controller for Reddy estimates the expected future cash flows from Patent B will be as follows.

Year

Expected Future Cash Flows

2013

$2,000

2014

2,000

2015

2,000

The proper discount rate to be used for these flows is 8%. (Assume that the cash flows occur at the end of the year.)

Instructions

(a) Compute the total carrying amount of Reddy’s patents on its December 31, 2011, balance sheet.

(b) Compute the total carrying amount of Reddy’s patents on its December 31, 2012, balance sheet.

Answers

Maurice Tutor
(5)
Status NEW Posted 25 Sep 2017 02:09 PM My Price 10.00

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