Accounting : Act 3391 Intermediate Accounting1

37.(6 points) During 2010, Salem Company spent $1,360,000 in research and development costs. As a result ofits R&D activities, Salem patented a new product on September 30, 2010. On September 30, 2010, Salem incurredand paid $42,000 of legal costs related to its new patent. The patent had a five-year legal life. Salem only preparesadjusting journal entries once each year as of 12-31 (year-end).a.Prepare the entries Salem made in 2010 related to the R&D activities and the patent.b.Prepare the entries Salem made in 2011 and 2012 related to the patent.c.On September 1, 2013, Salem spent $12,000 to defend its patent rights. Salems defense wassuccessful, protecting the patents remaining legal life. Prepare the entries Salem made in 2013related to the patent.DateAccount Title and ExplanationDebitCreditResearch and Developmenta)2010expense1,360,000Cash1,360,000(To record research anddevelopment costs incurred)Dec. 1Patent42,000Cash42,000(To record legal costs related tonew patent)Amortization expense ($42000 /Dec. 31, 20105 years x 1 / 12)700Patent700(To record amortization ofpatent)Amortization expense ($42000 /b ...


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