quiz - Andrew / 1301031975 / 03PBF QUIZ 2 : AKEU 1, 2011 1....

Download Document
Showing pages : 1 of 3
This preview has blurred sections. Sign up to view the full version! View Full Document
Andrew / 1301031975 / 03PBF QUIZ 2 : AKEU 1, 2011 1. Lopez Corp. incurred $420,000 of research costs to develop a product for which a patent was granted on January 2, 2006. Legal fees and other costs associated with registration of the patent totaled $80,000. On March 31, 2011, Lopez paid $150,000 for legal fees in a successful defense of the patent. The total amount capitalized for the patent through March 31, 2011 should be ? Jawab: Jurnal : $ 420.000 Cash 420.000 Patent yang di kapitalisasi = Legal fees & other cost to registration + Legal fees in a successful defense of the patent = $ 80.000 + $ 150.000 Jurnal : Patent $ 230.000 Cash 230.000 2. On June 30, 2011, Cey, Inc. exchanged 2,000 shares of Seely Corp. $30 par value ordinary shares for a patent owned by Gore Co. The Seely stock was acquired in 2011 at a cost of $55,000. At the exchange date, Seely ordinary shares had a fair value of $46 per share, and the patent had a net carrying value of $110,000 on Gore's books. Cey should record the patent at ?
Background image of page 1
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Create a FREE account now to get started. Log In

The email address you entered is not valid. The email address you provided is already in use.
Your username must be at least 5 characters. Your username must consist of only alphanumeric characters. Your username must contain at least one letter. Your username contains inappropriate language. Another user has already claimed this username.
Your password must be at least 6 characters in length.
{[ $select.selected.label ]} Please select a valid school.
By creating an account you agree to our Privacy Policy, Terms of Use, and Honor Code.
Create my FREE account Processing...
Sign Up with Facebook

We will never post anything without your permission.

Already on Course Hero? Log In