Nelson company, organized in 2017, has these transactions related to intangible assets in that year: jan. 2 purchased a patent (5-year life) $325,000. apr. 1 goodwill purchased (indefinite life) $360,000. july 1 acquired a 9-year franchise; expiration date july 1, 2026, $720,000. sept. 1 research and development costs $185,000.
1. prepare the necessary entries to record these intangibles. all costs were for cash.
2. make the entries as of december 31, 2017, recording any necessary amortization.

Dyed-denim corporation is seeking to lower the costs of value creation and achieve a low-cost position. as a result, it plans to move its manufacturing plant from the u. s. to thailand, which based on company research, is the optimal location for production. this strategic move will most likely allow the company to realize

Jack manufacturing company had beginning work in process inventory of $8,000. during the period, jack transferred $34,000 of raw materials to work in process. labor costs amounted to $41,000 and overhead amounted to $36,000. if the ending balance in work in process inventory was $12,000, what was the amount transferred to finished goods inventory?

Simon, aged 10, is invited to a classmate's birthday party at an exclusive ski resort on march 15th. the day will include 4 hours of snowboarding, lunch and birthday cake. simon's mother checks a box on the invitation that says "yes, we will attend" and returns it to the classmate's address. unfortunately, they later don't attend the party when simon comes down with the flu. on march 17th, simon's mother receives an invoice in the mail from simon's classmate for $35 that says, "party no-show fee." can simon's classmate collect the fee?