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?
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Increase in the fair value of the intangibles assets held by a company.
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Purchase of intangible assets with legal life exceeding 15 years.
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Copyrights and patents acquired from outside owners.
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Internally developed copyrights and patents.
Homework Answers
| Copyrights and patents acquired from outside owners leads to company’s intangible assets figures to grow to incredible size. |
| Large payments may be needed to acquire Copyrights and Patents from outside owners. It leads to increase in intangible assets. |
| Internally developed copyrights and patents are only capitalized to the extent of associated costs paid to develop such assets. |
| Increase in the fair value of the intangibles assets held by a company is not recognized in financial statements. |
| Option C is correct |
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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...
Which of the following is a reason for a company’s intangible assets figures to grow to incredible size? Purchase of intangible assets with legal life exceeding 15 years or Copyrights and patents acquired from outside owners.
1. In 2013, Book Creations Company published a management book and got it copyrighted in the...
1. In 2013, Book Creations Company published a management book and got it copyrighted in the same year. The legal life of the book is 15 years and estimated useful life is 10 years. For how many years should the cost of copyright be amortized? Question 1 options: a. 70 years b. 15 years c. 10 years d. 12.5 years e. 0 year 2.Kremlin Company pays $2,900,000 for all of the outstanding common stock of Reticular Corporation. Reticular has assets...
*Problem 9-05A a-c The intangible assets section of Riverbed Corporation’s balance sheet at December 31, 2022,...
*Problem 9-05A a-c
The intangible assets section
of Riverbed Corporation’s balance sheet at December 31, 2022, is
presented here.
Patents ($75,200 cost less $8,000 amortization)
$67,200
Copyrights ($39,500 cost less $24,500 amortization)
15,000
Total
$82,200
The patent was acquired in January 2022 and has a useful life of 10
years. The copyright was acquired in January 2016 and also has a
useful life of 10 years. The following cash transactions may have
affected intangible assets during 2023.
Jan.
2
Paid...
Prepare entries to ru n related to acquisition and amortization of intangibles, prepare the intangible assets...
Prepare entries to ru n related to acquisition and amortization of intangibles, prepare the intangible assets section and note 1.SA (LO 4,5), AP The intangible assets section of mato Corporation's balance sheet at December 31 2022, is presented here. Patents (560,000 cost less $6,000 amortization) $54,000 10,800 Copyrights ($36,000 cost less $25,200 amortization) Total $64.800 The patent was acquired in January 2022 and has a useful life of 10 years. The copyright was acquired in January 2016 and also has...
1. Which of the following characteristics do intangible assets possess? a. Physical existence. b. Claim to...
1. Which of the following characteristics do intangible assets possess? a. Physical existence. b. Claim to a specific amount of cash in the future. c. Long-lived d. Held for resale. ts incurred intenally to create intangibles are a Capitalized b. Capitalized if they have an indefinite life. C. Expensed as incurred d. Expensed only if they have a limited life 2. Cost Which of the following methods of amortization is normally used for intangible assets? 3. a. Sum-of-the-years' -digits b....
The intangible assets section of Bramble Corporation's balance sheet at December 31, 2022 is presented here....
The intangible assets section of Bramble Corporation's balance sheet at December 31, 2022 is presented here. Patents (579,900 cost less $7.990 amortization) Copyrights ($53,000 cost less $41,500 amortization) Total $73.400 11.500 $84.900 The patent was acquired in January 2022 and has a useful life of 10 years. The copyright was acquired in January 2016 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2023. Jan. 2 Pald $36,000 legal costs...
The intangible assets section of Ayayai Corporation’s balance sheet at December 31, 2022, is presented here....
The intangible assets section of Ayayai Corporation’s balance
sheet at December 31, 2022, is presented here.
Patents ($70,000 cost less $6,000 amortization)
$64,000
Copyrights ($36,000 cost less $26,000 amortization)
10,000
Total
$74,000
The patent was acquired in January 2022 and has a useful life of 10
years. The copyright was acquired in January 2016 and also has a
useful life of 10 years. The following cash transactions may have
affected intangible assets during 2023.
Jan.
2
Paid $27,000 legal costs...
The intangible assets section of Marigold Corporation's balance sheet at December 31, 2022, is presented here....
The intangible assets section of Marigold Corporation's balance sheet at December 31, 2022, is presented here. Patents ($71,800 cost less $7,180 amortization) $63,400 Copyrights ($50,500 cost less $39,400 amortization) 11,100 $74,500 Total The patent was acquired in January 2022 and has a useful life of 10 years. The copyright was acquired in January 2016 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2023. Jan Paid $45,000 legal costs to...
Question 3 0.6 The intangible assets section of Martinez Corporation's balance sheet at December ...
Question 3 0.6 The intangible assets section of Martinez Corporation's balance sheet at December 31, 2017, is presented here. Patents ($78,100 cost less $7,810 amortization) $70.290 Copyrights ($42.000 cost less $29 400 amortization) 12600 $82,890 Total has a useful life of 10 years. The copyright was acquired in January 2011 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2018. Jan. 2 Paid $36,000 egal costs to successtully defend the...
The intangible assets section of Blue Corporation’s balance sheet at December 31, 2022, is presented here....
The intangible assets section of Blue Corporation’s balance sheet at December 31, 2022, is presented here. Patents ($73,200 cost less $7,400 amortization) $65,800 Copyrights ($37,000 cost less $24,500 amortization) 12,500 Total $78,300 The patent was acquired in January 2022 and has a useful life of 10 years. The copyright was acquired in January 2016 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2023. Jan. 2 Paid $36,000 legal costs...
*Problem 9-05A a-c
The intangible assets section
of Riverbed Corporation’s balance sheet at December 31, 2022, is
presented here.
Patents ($75,200 cost less $8,000 amortization)
$67,200
Copyrights ($39,500 cost less $24,500 amortization)
15,000
Total
$82,200
The patent was acquired in January 2022 and has a useful life of 10
years. The copyright was acquired in January 2016 and also has a
useful life of 10 years. The following cash transactions may have
affected intangible assets during 2023.
Jan.
2
Paid...
Prepare entries to ru n related to acquisition and amortization of intangibles, prepare the intangible assets section and note 1.SA (LO 4,5), AP The intangible assets section of mato Corporation's balance sheet at December 31 2022, is presented here. Patents (560,000 cost less $6,000 amortization) $54,000 10,800 Copyrights ($36,000 cost less $25,200 amortization) Total $64.800 The patent was acquired in January 2022 and has a useful life of 10 years. The copyright was acquired in January 2016 and also has...
1. Which of the following characteristics do intangible assets possess? a. Physical existence. b. Claim to a specific amount of cash in the future. c. Long-lived d. Held for resale. ts incurred intenally to create intangibles are a Capitalized b. Capitalized if they have an indefinite life. C. Expensed as incurred d. Expensed only if they have a limited life 2. Cost Which of the following methods of amortization is normally used for intangible assets? 3. a. Sum-of-the-years' -digits b....
The intangible assets section of Bramble Corporation's balance sheet at December 31, 2022 is presented here. Patents (579,900 cost less $7.990 amortization) Copyrights ($53,000 cost less $41,500 amortization) Total $73.400 11.500 $84.900 The patent was acquired in January 2022 and has a useful life of 10 years. The copyright was acquired in January 2016 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2023. Jan. 2 Pald $36,000 legal costs...
The intangible assets section of Ayayai Corporation’s balance
sheet at December 31, 2022, is presented here.
Patents ($70,000 cost less $6,000 amortization)
$64,000
Copyrights ($36,000 cost less $26,000 amortization)
10,000
Total
$74,000
The patent was acquired in January 2022 and has a useful life of 10
years. The copyright was acquired in January 2016 and also has a
useful life of 10 years. The following cash transactions may have
affected intangible assets during 2023.
Jan.
2
Paid $27,000 legal costs...
The intangible assets section of Marigold Corporation's balance sheet at December 31, 2022, is presented here. Patents ($71,800 cost less $7,180 amortization) $63,400 Copyrights ($50,500 cost less $39,400 amortization) 11,100 $74,500 Total The patent was acquired in January 2022 and has a useful life of 10 years. The copyright was acquired in January 2016 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2023. Jan Paid $45,000 legal costs to...
Question 3 0.6 The intangible assets section of Martinez Corporation's balance sheet at December 31, 2017, is presented here. Patents ($78,100 cost less $7,810 amortization) $70.290 Copyrights ($42.000 cost less $29 400 amortization) 12600 $82,890 Total has a useful life of 10 years. The copyright was acquired in January 2011 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2018. Jan. 2 Paid $36,000 egal costs to successtully defend the...
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