Business, 30.10.2019 02:31 ritatarlue24
In 2021, space technology company modified its model z2 satellite to incorporate a new communication device. the company made the following expenditures: basic research to develop the technology$2,000,000 engineering design work 680,000 development of a prototype device 300,000 acquisition of equipment 60,000 testing and modification of the prototype 200,000 legal and other fees for patent application on the new communication system 40,000 legal fees for successful defense of the new patent 20,000 total$3,300,000 the equipment will be used on this and other research projects. depreciation on the equipment for 2021 is $10,000.during your year-end review of the accounts related to intangibles, you discover that the company has capitalized all of the above as costs of the patent. management contends that the device simply represents an improvement of the existing communication system of the satellite and, therefore, should be capitalized.
required: prepare correcting entries that reflect the appropriate treatment of the expenditures. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.) record the correcting entry for the patent.
Answers: 1
Business, 22.06.2019 03:00, crobinson7206
Match each item to check for while reconciling a bank account with the document to which it relates. (there's not just one answer) 1. balancing account statement 2. balancing check register a. nsf fees b. deposits in transit c. interest earned d. bank errors
Answers: 3
Business, 22.06.2019 15:00, swansondonovanp66got
Ineed this asap miguel's boss asks him to distribute information to the entire staff about a mandatory meeting. in 1–2 sentences, describe what miguel should do.
Answers: 1
In 2021, space technology company modified its model z2 satellite to incorporate a new communication...
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