Suppo Durah pad $2.7 million for a patent related to an integrated system, including hands-free cell phone, GPS, and iPo

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Suppo Durah Pad 2 7 Million For A Patent Related To An Integrated System Including Hands Free Cell Phone Gps And Ipo 1 (21.76 KiB) Viewed 13 times

Suppo Durah pad $2.7 million for a patent related to an integrated system, including hands-free cell phone, GPS, and iPod connectivity. The company expects to install this system in its automobiles for nine years. Durask will sell for $1,900 in the first year, 10,100 units were sold. All costs per unit totalled $855. Required 1. As the CFO, how would you record transactions relating to the patent in the first year? 2. Prepare the income statement for the integrated system's operations for the first year. Evaluate the profitability of the integrated system's operations. Use an income tax rate of 30% 3. Explain what items were recorded as assets and why he first year? Requirement 1. As the CFO, how would you record transactions relating to the pater Durask paid $2.7 million for a patent related to an integrated system, including hands cell phone, GPS, and iPod connectivity. Record the transaction (Record debits first, then credits. Explanations are not required.) Journal Entry Dan Accounts Debit Credit