Questions from Intermediate Accounting

Q: Lakeshore Corporation purchased a patent from MaFee Corp. on January 1

Lakeshore Corporation purchased a patent from MaFee Corp. on January 1, 2017, for $87,000. The patent had a remaining legal life of 16 years. Prepare Lakeshore’s journal entries to record the 2017 pat...

Q: Use the information in BE12-13 and assume that in January

Use the information in BE12-13 and assume that in January 2019, Lakeshore spends $26,000 successfully defending a patent suit. In addition, Lakeshore now feels the patent will be useful only for anoth...

Q: Organic Growth Company is presently testing a number of new agricultural seeds

Organic Growth Company is presently testing a number of new agricultural seeds that it has recently harvested. To stimulate interest, it has decided to grant five of its largest customers the uncondit...

Q: Uddin Publishing Co. publishes college textbooks that are sold to bookstores

Uddin Publishing Co. publishes college textbooks that are sold to bookstores on the following terms. Each title has a fixed wholesale price, terms f.o.b. shipping point, and payment is due 60 days aft...

Q: Use the data provided in BE12-16. How would your

Use the data provided in BE12-16. How would your response change if Coffee Time were a public company reporting under IFRS? Data from BE12-16: Coffee Time Limited has a trademark with a carrying amo...

Q: se the data provided in BE12-16, except assume that

se the data provided in BE12-16, except assume that useful life is expected to be unlimited. How would your response change if Coffee Time reported under (a) ASPE or (b) IFRS? Data from BE12-16: Cof...

Q: The financial statements of Brookfield Asset Management Inc. for its year

The financial statements of Brookfield Asset Management Inc. for its year ended December 31, 2014, appear at the end of this book. Instructions: (a) What alternative formats could the company have us...

Q: Instructions: (a) Explain the principles and criteria for

Instructions: (a) Explain the principles and criteria for revenue recognition under the earnings approach. (b) For each scenario noted in E6-1, discuss when revenue should be recognized under the earn...

Q: Using the data from BE12-19, assume that Pipeline Corporation

Using the data from BE12-19, assume that Pipeline Corporation is a public company and that the goodwill was allocated entirely to one cash-generating unit (CGU). Two years later, information about the...

Q: Using the data from BE12-19, assume that Pipeline Corporation

Using the data from BE12-19, assume that Pipeline Corporation is a private entity. Explain how goodwill will be tested for impairment. If the unit’s carrying amount (including goodwill) is $3,581,000...