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On January 1, 2013, Technocraft Inc. acquired a patent that was used for manufacturing semiconductor-based electronic circuitry. The patent was originally recorded in Technocraft’s ledger at its cost of $1,780,000. Technocraft has been amortizing the patent using the straight-line method over an expected economic life of 10 years. Residual value was assumed to be zero. Technocraft sued another company for infringing on its patent. On January 1, 2020, Technocraft spent$50,000 on this suit and won a judgment to recover the $50,000 plus damages of$200,000. The sued company paid the $250,000.
Prepare the journal entry to record the award of$250,000 on January 1, 2020.
Ads sometimes convey their message by showing people using a product in their everyday life. Others present a fantasy. Some ads use a song or jingle to help people remember the product or service. Others give information. Watch three popular TV shows. List the products that are advertised during those shows. For each product, describe the approach of the ad.