Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. current attempt in progress kingbird industries ha

Current Attempt in Progress Kingbird Industries has the following patents on its December 31, 2024,...

60.1K

Verified Solution

Question

Accounting

image
image
Current Attempt in Progress Kingbird Industries has the following patents on its December 31, 2024, balance sheet. The following events occurred during the vear ended December 31, 2025. 1. Research and development costs of $249,000 were incurred during the year. 2. Patent D was purchased on July 1 for $46,512. This patent has ausetul life of 91/2 years: 3. As a result of reduced demands for certain products protected by Patent B, a possible impairment of Patent B's value may have occurred at December 31, 2025. The controller for Kingbird estimates the expected future cash flows from Patent 8 will besas follows. The proper discount rate to be used for these flows is 8%. (Assume that the cash flows occur at the end of the vear) Click here to view factor tables: (a) Compute the total carrying amount of Kingbirds patents on its December 31,2024 , balance sheet (Round ansmer fo 0 decimal places, es 5,125.) Total carrvine amount

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

What are retroviruses? How do they reproduce and what is the role of the enzyme reverse...

Biology
Q

Describe the two procedural differences in getting a bar charge to the front-office folio if: The hotel...

General Management
Q

The pressure P of n moles of an ideal gas varies with volume V as...

Physics
Q

Justin is interested in buying a digital phone. He visited 8stores at random and recorded...

Basic Math
Q

In which quadrant does ? lie if the following statements are true:sin ? >...

Calculus
Q

On January 1, 20X2, Serenity Inc. issued a five-year note payable for $200,000 and received...

Accounting
Q

The following accounts are from last year's books at Sharp Manufacturing: Balance (a) Balance (f)...

Accounting
Q

Consider a product that you have returned to the store. What was the impact on...

Accounting
Q

pro selliing Networking is an easy way...

Accounting
Q

Sheridan Golf Accessories sells golf shoes, gloves, and a laser-guided range-finder that measures distance. Shown...

Accounting
Q

company could sell 4,000 more units of this product; the cost of this research was...

Accounting
Q

Fill in the dollar changes caused in the Investment account and Dividend Revenue or Investment...

Accounting