During 2010, salem company spent $330,000 in research and development costs. as a result of its r& d activities, salem patented a new product on december 1, 2010. on december 1, 2010, salem incurred and paid $12,600 of legal costs related to its new patent. the patent had a five-year legal life. salem only prepares adjusting 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 june 30, 2013, salem spent $10,000 to defend its patent rights. salem’s defense was unsuccessful. as a result of the unsuccessful defense, salem determined its patent was worthless. prepare the entries salem made in 2013 related to the patent.

Grant, inc., acquired 30% of south co.’s voting stock for $200,000 on january 2, year 1, and did not elect the fair value option. the price equaled the carrying amount and the fair value of the interest purchased in south’s net assets. grant’s 30% interest in south gave grant the ability to exercise significant influence over south’s operating and financial policies. during year 1, south earned $80,000 and paid dividends of $50,000. south reported earnings of $100,000 for the 6 months ended june 30, year 2, and $200,000 for the year ended december 31, year 2. on july 1, year 2, grant sold half of its stock in south for $150,000 cash. south paid dividends of $60,000 on october 1, year 2. before income taxes, what amount should grant include in its year 1 income statement as a result of the investment?

Connors academy reported inventory in the 2017 year-end balance sheet, using the fifo method, as $154,000. in 2018, the company decided to change its inventory method to lifo. if the company had used the lifo method in 2017, the company estimates that ending inventory would have been in the range $130,000-$135,000. what adjustment would connors make for this change in inventory method?

Suppose the real risk-free rate and inflation rate are expected to remain at their current levels throughout the foreseeable future. consider all factors that affect the yield curve. then identify which of the following shapes that the u.s. treasury yield curve can take. check all that apply.