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Unformatted text preview: 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: Research & Development cost = $ 420.000 Jurnal : R&D expense $ 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 ?of $110,000 on Gore's books....
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