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Accounting Assignment | College Homework Help

  1. Cao incurred $115,000 of experimental and development costs in its laboratory during 2018 to develop a patent that was granted on July 1, 2018. Legal fees and other costs associated with registration of the patent totaled $27,000. Legal costs to defend the patent totaling $8,700 were paid on November 1, 2018. Cao estimates that the useful life of the patent will be 10 years that starts on July 1, 2018.College Homework Help

What will be the value of the patent on the December 31, 2018 balance sheet of Cao? Show your computations.

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  1. A trademark was purchased from Jian Company for $24,000 on January 1, 2015. Cao estimated that the useful life of the trademark will be 20 years from the date of acquisition.

What is the amortization expense related to the trademark that will be shown on Cao’s Income Statement for the year ended December 31, 2018? Show your computations.Get Accounting Homework Help today

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