Maurice Tutor

(5)

$15/per page/Negotiable

About Maurice Tutor

Levels Tought:
Elementary,Middle School,High School,College,University,PHD

Expertise:
Algebra,Applied Sciences See all
Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
Last Sign in: 408 Weeks Ago
Questions Answered: 66690
Tutorials Posted: 66688

Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 21 Nov 2017 My Price 9.00

small circuit board

Sky Co., organized in 2014, provided you with the following information.

1. Purchased a license for $20,000 on July 1, 2014. The license gives Sky exclusive rights to sell its services in the tri-state region and will expire on July 1, 2022.

2. Purchased a patent on January 2, 2015, for $40,000. It is estimated to have a 5-year life.

3. Costs incurred to develop an exclusive Internet connection process as of June 1, 2015, were $45,000. The process has an indefinite life.

4. On April 1, 2015, Sky Co. purchased a small circuit board manufacturer for $350,000. Goodwill recorded in the transaction was $90,000.

5. On July 1, 2015, legal fees for successful defense of the patent purchased on January 2, 2015, were $11,400. 6. Research and development costs incurred as of September 1, 2015, were $75,000.

Instructions

(a) Prepare the journal entries to record all the entries related to the patent during 2015.

(b) At December 31, 2015, an impairment test is performed on the license purchased in 2014. It is estimated that the net cash flows to be received from the license will be $13,000, and its fair value is $7,000. Compute the amount of impairment, if any, to be recorded on December 31, 2015.

(c) What is the amount to be reported for intangible assets on the balance sheet at December 31, 2014? At December 31, 2015?

Answers

Maurice Tutor
(5)
Status NEW Posted 21 Nov 2017 04:11 PM My Price 9.00

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