Tran technologies licenses its intellectual property to Lyon Industries.

Tran technologies licenses its intellectual property to Lyon Industries. Terms of the arrangement require Lyon to pay Tran $500,000 on April 1, 2016, when Lyon first obtains access to Tran’s intellectual property, and then to pay Tran a royalty of 4% of future sales of products that utilize that intellectual property. Tran anticipates receiving sales-based royalties of $1,000,000 during 2016 and $1,500,000/year for the years 2017–2021. Assume Tran accounts for the Lyon license as a right of use, because Tran’s actions subsequent to April 1, 2016, will affect the benefits that Lyon receives from access to Tran’s intellectual property.Required:1. Access the FASB Accounting Standards Codification at the FASB website ( asc.fasb.org ). Identify the specific citation for accounting for variable consideration arising from sales-based royalties on licenses of intellectual property, and consider the relevant GAAP. When can Tran recognize revenue from sales-based royalties associated with the Lyon license?2. What journal entry would Tran record on April 1, 2016, when it receives the $500,000 payment from Lyon?3. Assume on December 31, 2016, Tran receives $1,000,000 for all sales-based royalties earned from Lyon in 2016. What journal entry would Tran record on December 31, 2016, to recognize any revenue that should be recognized in 2016 with respect to the Lyon license that it has not already recognized?4. Assume Tran accounts for the Lyon license as a five-year right to access Tran’s intellectual property from April 1, 2016, through March 31, 2021. Tran expects that its ongoing marketing efforts will affect the value of the license to Lyon during the five-year license period. Repeat requirements 2 and 3.

Calculate the price
Make an order in advance and get the best price
Pages (550 words)
$0.00
*Price with a welcome 15% discount applied.
Pro tip: If you want to save more money and pay the lowest price, you need to set a more extended deadline.
We know how difficult it is to be a student these days. That's why our prices are one of the most affordable on the market, and there are no hidden fees.

Instead, we offer bonuses, discounts, and free services to make your experience outstanding.
How it works
Receive a 100% original paper that will pass Turnitin from a top essay writing service
step 1
Upload your instructions
Fill out the order form and provide paper details. You can even attach screenshots or add additional instructions later. If something is not clear or missing, the writer will contact you for clarification.
Pro service tips
How to get the most out of your experience with Essay Fountain
One writer throughout the entire course
If you like the writer, you can hire them again. Just copy & paste their ID on the order form ("Preferred Writer's ID" field). This way, your vocabulary will be uniform, and the writer will be aware of your needs.
The same paper from different writers
You can order essay or any other work from two different writers to choose the best one or give another version to a friend. This can be done through the add-on "Same paper from another writer."
Copy of sources used by the writer
Our college essay writers work with ScienceDirect and other databases. They can send you articles or materials used in PDF or through screenshots. Just tick the "Copy of sources" field on the order form.
Testimonials
See why 20k+ students have chosen us as their sole writing assistance provider
Check out the latest reviews and opinions submitted by real customers worldwide and make an informed decision.
Sociology
I have never experienced receiving a paper past the due date and time. That is the only thing that displeases. I don't have time o Overall, your team does a great job.
Customer 452919, November 18th, 2021
Sociology
Thank you for your service as a team .
Customer 452919, December 1st, 2021
Sociology
Thank you for your service. I hope that everyone had a happy Thanksgiving.
Customer 452919, November 23rd, 2021
Nursing
The second attempt was an unplagiarized paper. Thank you
Customer 452545, September 25th, 2020
Marketing
Thank you so much!
Customer 453015, December 13th, 2021
Sociology
The writer covered all points as expected by the professor. Thank you for your commitment to serve students.
Customer 452919, February 21st, 2024
Nursing
Very good service
Customer 453075, April 27th, 2022
Tourism
thank you
Customer 452933, November 20th, 2021
WRTG 393 6360 Advanced Technical Writing (2222)WRTG-393
Patience and truly superb service considering all the information was not uploaded.
Customer 452995, February 4th, 2022
Education
Very well written thank you
Customer 452667, April 8th, 2021
Social Work and Human Services
The support team was available upon request. For the past two semesters I have been stressing on receiving my assignments on expected achievement dates. I value your service and hope that you all would improve your teamwork. I have been using this service now for 2-years and was totally satisfied. With this being said, I have spent at least a thousand plus dollars with this company. Knowing there are other competing companies that are on the market for a lot less than you guys are charging. "I trust that you all would get it together and avoid last minute communication which increases stress to the student."
Customer 452919, March 27th, 2024
Sociology
Thank you, the journal wa submitted today and I hope to continue receiving services.
Customer 452919, October 28th, 2021
11,595
Customer reviews in total
96%
Current satisfaction rate
3 pages
Average paper length
37%
Customers referred by a friend
OUR GIFT TO YOU
15% OFF your first order
Use a coupon FIRST15 and enjoy expert help with any task at the most affordable price.
Claim my 15% OFF Order in Chat