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See AnswerQ: Eastwind Corporation purchased 400 common shares of Ditch Inc. for $
Eastwind Corporation purchased 400 common shares of Ditch Inc. for $13,200 on February 21. Eastwind paid a 1% commission on the share purchase and, because the shares were not publicly traded, decided...
See AnswerQ: For each independent scenario outlined below, discuss whether the three criteria
For each independent scenario outlined below, discuss whether the three criteria required for an asset to be classified as an intangible are fulfilled: (a) Software purchased specifically for a manufa...
See AnswerQ: Brilliant Minds Inc. incurred the following costs associated with its research
Brilliant Minds Inc. incurred the following costs associated with its research facilities. Indicate whether these items are capitalized or expensed in the current year: (a) Executive salaries (b) Cost...
See AnswerQ: Azure Industries Ltd. acquired two copyrights during 2014. One copyright
Azure Industries Ltd. acquired two copyrights during 2014. One copyright was on a textbook that was developed internally at a cost of $ 18,000. This textbook is estimated to have a useful life of thre...
See AnswerQ: Sunny Valley Inc. purchased an Internet domain name by issuing a
Sunny Valley Inc. purchased an Internet domain name by issuing a $220,000, five-year, non-interest-bearing note to Ti-Mine Corp. with an effective yield of 12%. The note is repayable in five annual pa...
See AnswerQ: Bountiful Industries Ltd. had one patent recorded on its books as
Bountiful Industries Ltd. had one patent recorded on its books as at January 1, 2014. This patent had a book value of $365,000 and a remaining useful life of eight years. During 2014, Bountiful incurr...
See AnswerQ: In early January 2014, Kara Corporation applied for and received approval
In early January 2014, Kara Corporation applied for and received approval for a trade name, incurring legal costs of $45,000. In January 2 015, Kara incurred $24,300 of legal fees in a successful defe...
See AnswerQ: Parastu Corp. incurred the following costs during 2014 in connection with
Parastu Corp. incurred the following costs during 2014 in connection with its research and development phase activities: Cost of equipment acquired for use in research and development projects over t...
See AnswerQ: In 2014, Inventors Corp. spent $392,000 on
In 2014, Inventors Corp. spent $392,000 on a research project, hut by the end of 2014 it was impossible to determine whether any benefit would come from it. Inventors prepares financial statements in...
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