Business, 05.02.2021 21:30 heydisr

In January 2020, Ford Co. purchased a patent from a research institution for $300,000. The patent was estimated to have a useful life of 12 years. In December 2021, Ford Co. unsuccessfully defended the patent in legal proceedings. The fair value of the patent on December 31, 2021, is now estimated to be $60,000 with a 2-year useful life. Required:
a. Record the entry for the legal fees of $28,000, paid in cash.
b. Determine the carrying value of the patent on December 31, 2021, after any necessary adjusting entries have been recorded. Carrying value of patent, Dec. 31, 2021

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In January 2020, Ford Co. purchased a patent from a research institution for $300,000. The patent wa...