Orange Inc purchased Patent A for $50,000 and spent $75,000 internally to create a product that they ultimately received a patent for. What is the total value of Orange’s patents?

What is the legal life of a patent?

On October 16, 2020, Pink Inc, issues a $12,000 9% 180 day note payable in exchange for cash. How much interest will Pink have to pay when the notes matures?

On November 1, 2020 Jackson Inc issues a $5,000 90 day note payable bearing interest of 6%. What is the journal entry Jackson would record when the note matures (when they pay it off)? (Assuming they did not book a year end AJE to accrue interest) [DR]  [account1]     [amount1] [DR]  [account2]     [amount2] [cr]    [account3]     [amount3]

Grapefruit Inc. purchased Tangelo Inc for $1,000,000. Included in the purchase were tangible net assets with a fair value of $550,000 plus a patent valued at $100,000 and a copyright valued at $75,000. On year later, Grapefruit estimates the goodwill related to this purchase has a value of 100,000. What, if any,  journal entry should Grapefruit record? DR:  [account1]      [amount1]      CR:  [acccount2]      [amount2]

On October 16, 2020, Pink Inc, issues a $12,000 9% 180 day note payable in exchange for cash. On what day does the note mature?

On April 1, 2020, Elway Inc purchases a piece of equipment for $55,000. The equipment has a $3,000 salvage value and a useful life of 4 years or 130,000 units of production. If Elway uses the Units of Production method of calculating depreciation, what is the depreciation rate per unit produced?

The formula for amortizing intangible assets is

On October 16, 2020, Pink Inc, issues a $12,000 9% 180 day note payable in exchange for cash. What is the adjusting journal entry Pink should record at December 31, 2020 to accrued interest? (round to the nearest whole dollar) DR:  [account1]     [amount]      CR:  [account2]     [amount]

On April 1, 2020, Elway Inc purchases a piece of equipment for $55,000. The equipment has a $3,000 salvage value and a useful life of 4 years or 130,000 units of production. Elway sells the equipment for $8,000.  At the time of sale, the equipment has a net book value of $10,000.   Prepare the journal entry to record the sale of equipment. [dr]  Cash                                                           [amount1] [dr]  Accumulated Depreciation       [amount2] [dr]   [account3]                                              [amount3] [cr]   Equipment                                              [amount4]