Business, 26.11.2019 20:31 Vanesssajohn6294

Apatent was purchased from the lou company for $700,000 on january 1, 2019. janes estimated the remaining useful life of the patent to be 10 years. the patent was carried on lou’s accounting records at a net book value of $350,000 when lou sold it to janes.2.during 2021, a franchise was purchased from the rink company for $500,000. the contractual life of the franchise is 10 years and janes records a full year of amortization in the year of purchase.3.janes incurred research and development costs in 2021 as follows: materials and supplies$140,000personnel180,000ind irect costs60,000total$380,0004.effective january 1, 2021, based on new events that have occurred, janes estimates that the remaining life of the patent purchased from lou is only five more years. required: 1.prepare the entries necessary for years 2019 through 2021 to reflect the above information. 2.prepare a schedule showing the intangible asset section of janes’s december 31, 2021, balance sheet.

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Apatent was purchased from the lou company for $700,000 on january 1, 2019. janes estimated the rema...

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