Copyright No. 1 should be expensed. It would be reflected on the December 31, 2020 Income Statement at $0
Copyright No. 2 should be capitalized. It would be reflected on the December 31, 2020 Balance Sheet at $53,900
Explanation:
Copyright No. 1 for $35,600 should be expensed and therefore not reported on the balance sheet.
Copyright No. 2 for $53,900 should be capitalized. Because the useful life is indefinite, copyright No. 2 should be tested at least annually for impairment using a fair value test. It would be reflected on the December 31, 2014 balance sheet at its cost of $53,900.
Pina Colada Industries Ltd. acquired two copyrights during 2020. One copyright was on a textbook that...
what is the number in the blink? thank you! Question 2 Teal Mountain Industries acquired two copyrights during 2017. One copyright related to a textbook that was developed internally at a cost of $20,000. This textbook is estimated to have a useful life of 5 years from September 1, 2017, the date it was published The second copyright (a history research textbook) was purchased from University Press on December 1, 2017, for $25,000. This textbook has an indefinite useful life....
Pina Colada Corp. erected and placed into service an offshore oil platform on January 1, 2020, at a cost of $12 million. Pina Colada is legally required to dismantle and remove the platform at the end of its 7-year useful life. Pina Colada estimates that it will cost $1 million to dismantle and remove the platform at the end of its useful life and that the discount rate to use should be 9%. Use (a) factor Table A.2. (b) a...
Pina Colada Inc. reported income from continuing operations before tax of $2,058,500 during 2020. Additional transactions occurring in 2020 but not included in the $2,058,500 were as follows: 1. The corporation experienced an insured flood loss of $92,000 during the year. 2. At the beginning of 2018, the corporation purchased a machine for $70,800 (residual value of $17,400) that has a useful life of six years. The bookkeeper used straight-line depreciation for 2018, 2019, and 2020, but failed to deduct...
P20.18 Lanier Dairy Ltd. leases its milk cooling equipment from Green Finance Corporation. Both companies use IFRS 16. The lease has the following terms.The lease is dated May 30, 2020, with a lease term of eight years. It is non-cancellable and requires equal rental payments of $30,000 due each May 30, beginning in 2020.The equipment has a fair value and cost at the inception of the lease of $211,902, an estimated economic life of 10 years, and a residual value (which...
I have this case study to solve. i want to ask which type of case study in this like problem, evaluation or decision? if its decision then what are the criterias and all? Stardust Petroleum Sendirian Berhad: how to inculcate the pro-active safety culture? Farzana Quoquab, Nomahaza Mahadi, Taram Satiraksa Wan Abdullah and Jihad Mohammad Coming together is a beginning; keeping together is progress; working together is success. - Henry Ford The beginning Stardust was established in 2013 as a...