nt CALCULATOR FULL SCREEN PRINTER VERSION ·BACK Brief Exercise 12-9 Klingbird In

Question

nt CALCULATOR FULL SCREEN PRINTER VERSION ·BACK Brief Exercise 12-9 Klingbird Industries had one patent recorded on its books as of January 1, 2017. Thisp incurred research and development costs of $91,000 and brought a patent infringement suit against a competitor. On patent was valid and that its competit reported on the December 31, 2017, balance sheet, assuming monthly amortization of patents? atent had a book value of $220,800 and a remaining useful life of B years, Ouring 2017. Kinat patented. The company incured $119,000 to defend this patent. At what amount should patent(fe) be December 1, 2017, Kingbird received the good news that its The amount to be reported Click if you would like to Show Work for this question Question Attempts: o of 2 used SAVE FOR LATER SURIT ANSWER

Explanation / Answer

Carrying Amount Life in Months Amortization Per Month Months Amortization Amortization Patent 220800 96 2300 12 27600 Legal costs 119000 85 1400 1 1400 Total 29000 Amount to be reported = (220800+119000)-29000= $310800

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