Which of the following is one of the criteria required to recognize intangible assets? Contractual or...
Which of the following is one of the criteria required to recognize intangible assets?
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Contractual or other legal rights have been gained.
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Fair value of the intangible should be more than its book value.
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The intangible cannot be separated from the subsidiary and sold.
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The intangible should have a minimum useful life of 10 years.
Homework Answers
criteria required to recognize intangible assets among these :-
"Contractual or other legal rights have been gained".
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Which of the following is one of the criteria required to
recognize intangible assets?
Contractual or...
The following information relates to the intangible assets of University Testing Services (UTS): 0. On January...
The following information relates to the intangible assets of University Testing Services (UTS): 0. On January 1, 2021, UTS completed the purchase of Heinrich Corporation for $3,459,000 in cash. The fair value of the net identifiable assets of Heinrich was $3,150,000. a. Included in the assets purchased from Heinrich was a patent valued at $93,600. The original legal life of the patent was 20 years, there are 12 years remaining, but UTS believes the patent will be useful for only...
Required information Problem 7-6B Record amortization and prepare the intangible assets section (L07-5) (The following information...
Required information Problem 7-6B Record amortization and prepare the intangible assets section (L07-5) (The following information applies to the questions displayed below.) The following information relates to the intangible assets of Lettuce Express a. On January 1, 2021, Lettuce Express completed the purchase of Farmers Produce, Inc., for $1,470,000 in cash. The fair value of the identifiable net assets of Farmers Produce was $1,323,000. b. Included in the assets purchased from Farmers Produce was a patent for a method of...
The following information concerns the intangible assets of Epstein Corporation: a. On June 30, 2021, Epstein...
The following information concerns the intangible assets of Epstein Corporation: a. On June 30, 2021, Epstein completed the acquisition of the Johnstone Corporation for $1,580,000 in cash. The fair value of the net identifiable assets of Johnstone was $1,350,000. b. Included in the assets purchased from Johnstone was a patent that was valued at $60,200. The remaining legal life of the patent was 12 years, but Epstein believes that the patent will only be useful for another seven years. c....
The following information concerns the intangible assets of Epstein Corporation: On June 30, 2021, Epstein completed...
The following information concerns the intangible assets of
Epstein Corporation:
On June 30, 2021, Epstein completed the acquisition of the
Johnstone Corporation for $1,880,000 in cash. The fair value of the
net identifiable assets of Johnstone was $1,600,000.
Included in the assets purchased from Johnstone was a patent
that was valued at $76,800. The remaining legal life of the patent
was 13 years, but Epstein believes that the patent will only be
useful for another eight years.
Epstein acquired a...
The following information concerns the intangible assets of Epstein Corporation: On June 30, 2021, Epstein completed...
The following information concerns the intangible assets of Epstein Corporation: On June 30, 2021, Epstein completed the acquisition of the Johnstone Corporation for $1,460,000 in cash. The fair value of the net identifiable assets of Johnstone was $1,250,000. Included in the assets purchased from Johnstone was a patent that was valued at $73,800. The remaining legal life of the patent was 14 years, but Epstein believes that the patent will only be useful for another nine years. Epstein acquired a...
Which of the following statements is false regarding the amortization of intangible assets? Multiple Choice Intangible...
Which of the following statements is false regarding the amortization of intangible assets? Multiple Choice Intangible assets with a limited useful life are amortized. The service life of an intangible asset is always equal to its legal life. The expected residual value of most intangible assets is zero. Goodwill is the most common intangible asset with an indefinite useful life.
Which of the following is a reason for a company’s intangible assets figures to grow to...
Which of the following is a reason for a company’s intangible assets figures to grow to incredible size? Increase in the fair value of the intangibles assets held by a company. Purchase of intangible assets with legal life exceeding 15 years. Copyrights and patents acquired from outside owners. Internally developed copyrights and patents.
Janes Company provided the following information on intangible assets: A patent was purchased from the Lou...
Janes Company provided the following information on intangible assets: A patent was purchased from the Lou Company for $1,050,000 on January 1, 2019. Janes estimated the remaining useful life of the patent to be 10 years. The patent was carried on Lou’s accounting records at a net book value of $420,000 when Lou sold it to Janes. During 2021, a franchise was purchased from the Rink Company for $570,000. The contractual life of the franchise is 10 years and Janes...
Janes Company provided the following information on intangible assets: a. A patent was purchased from the...
Janes Company provided the following information on intangible assets: a. A patent was purchased from the Lou Company for $1,250,000 on January 1, 2019. Janes estimated the remaining useful life of the patent to be 10 years. The patent was carried on Lou's accounting records at a net book value of $460,000 when Lou sold it to Janes. b. During 2021, a franchise was purchased from the Rink Company for $610,000. The contractual life of the franchise is 10 years...
Janes Company provided the following information on intangible assets: a. A patent was purchased from the...
Janes Company provided the following information on intangible assets: a. A patent was purchased from the Lou Company for $1,400,000 on January 1, 2016. Janes estimated the remaining useful life of the patent to be 10 years. The patent was carried on Lou's accounting records at a net book value of $490,000 when Lou sold it to Janes. b. During 2018, a franchise was purchased from the Rink Company for $640,000. The contractual life of the franchise is 10 years...
The following information relates to the intangible assets of University Testing Services (UTS): 0. On January 1, 2021, UTS completed the purchase of Heinrich Corporation for $3,459,000 in cash. The fair value of the net identifiable assets of Heinrich was $3,150,000. a. Included in the assets purchased from Heinrich was a patent valued at $93,600. The original legal life of the patent was 20 years, there are 12 years remaining, but UTS believes the patent will be useful for only...
Required information Problem 7-6B Record amortization and prepare the intangible assets section (L07-5) (The following information applies to the questions displayed below.) The following information relates to the intangible assets of Lettuce Express a. On January 1, 2021, Lettuce Express completed the purchase of Farmers Produce, Inc., for $1,470,000 in cash. The fair value of the identifiable net assets of Farmers Produce was $1,323,000. b. Included in the assets purchased from Farmers Produce was a patent for a method of...
The following information concerns the intangible assets of Epstein Corporation: a. On June 30, 2021, Epstein completed the acquisition of the Johnstone Corporation for $1,580,000 in cash. The fair value of the net identifiable assets of Johnstone was $1,350,000. b. Included in the assets purchased from Johnstone was a patent that was valued at $60,200. The remaining legal life of the patent was 12 years, but Epstein believes that the patent will only be useful for another seven years. c....
The following information concerns the intangible assets of
Epstein Corporation:
On June 30, 2021, Epstein completed the acquisition of the
Johnstone Corporation for $1,880,000 in cash. The fair value of the
net identifiable assets of Johnstone was $1,600,000.
Included in the assets purchased from Johnstone was a patent
that was valued at $76,800. The remaining legal life of the patent
was 13 years, but Epstein believes that the patent will only be
useful for another eight years.
Epstein acquired a...
Which of the following statements is false regarding the amortization of intangible assets? Multiple Choice Intangible assets with a limited useful life are amortized. The service life of an intangible asset is always equal to its legal life. The expected residual value of most intangible assets is zero. Goodwill is the most common intangible asset with an indefinite useful life.
Janes Company provided the following information on intangible assets: a. A patent was purchased from the Lou Company for $1,250,000 on January 1, 2019. Janes estimated the remaining useful life of the patent to be 10 years. The patent was carried on Lou's accounting records at a net book value of $460,000 when Lou sold it to Janes. b. During 2021, a franchise was purchased from the Rink Company for $610,000. The contractual life of the franchise is 10 years...
Janes Company provided the following information on intangible assets: a. A patent was purchased from the Lou Company for $1,400,000 on January 1, 2016. Janes estimated the remaining useful life of the patent to be 10 years. The patent was carried on Lou's accounting records at a net book value of $490,000 when Lou sold it to Janes. b. During 2018, a franchise was purchased from the Rink Company for $640,000. The contractual life of the franchise is 10 years...
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