Homework Answers
Intangibles i.e. Goodwill and Copyright are correct.
Solving for patents as below:
The legal life of patents is 20 years. Already 4 years have been utilized , 16 years is the balance life.
Amortization each year = 44,000 / 16 = 2750
Amortization for 2 years i.e. 2019 and 2020 = 5500
Patents are to be reported = 44,000 - 5500 = 38500
Ans : $38500
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Springer Company had three intangible assets at the end of 2017 (end of the accounting year): a. A copyright purchased on January 1, 2017, for a cash cost of $16,200. The copyright is expected to have a 10-year useful life to Springer. b. Goodwill of $82,000 from the purchase of the Hartford Company on July 1, 2016. c. A patent purchased on January 1, 2016, for $66,000. The inventor had registered the patent with the U.S. Patent Office on January...
Trotman Company had three intangible assets at the end of 2019 (end of the accounting year): a. Computer software and website development technology purchased on January 1, 2018, for $78,000. The technology is expected to have a four-year useful life to the company with no residual value. b. A patent purchased from lan Zimmer on January 1, 2019, for a cash cost of $30,000. Zimmer had registered the patent with the U.S. Patent and Trademark Office five years ago. Trotman...
3 Bluestone Company had three intangible assets at the end of the current year: a. A patent purchased this year from Miller Co. on January 1 for a cash cost of $2,700. When purchased, the patent had an estimated life of 9 years as much as $150,000 because it has an indefinite life life to the company b. A trademark was registered with the federal government for $5,500. Management estimated that the trademark could be worth 10 points C. Computer...
Bluestone Company had three
intangible assets at the end of the current year: A patent
purchased this year from Miller Co. on January 1 for a cash cost of
$7,500. When purchased, the patent had an estimated life of 15
years. A trademark was registered with the federal government for
$6,500. Management estimated that the trademark could be worth as
much as $170,000 because it has an indefinite life. Computer
licensing rights were purchased this year on January 1 for...
Kreiser Company had three intangible assets at the end of 2017 (end of the accounting year): a. A patent was purchased from J. Miller on January 1, 2017, for a cash cost of $5,640. When purchased, the patent had an estimated life of fifteen years. b. A trademark was registered with the federal government for $10,000. Management estimated that the trademark could be worth as much as $200,000 because it has an indefinite life. c. On January 1, 2017, computer...
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