Homework Answers
1.
Acquisition cost
| Patent | $5,640 |
| Trademark | $10,000 |
| Licensing rights | $60,000 |
2.
Amortization expense - Patent = Cost of patent/Estimated useful life
= 5,640/15
= $376
Trademark will not be amortized since it has indefinite life.
Amortization expense - Licensing rights = Cost of Licensing rights/Estimated useful life
= 60,000/4
= $15,000
Amortization expense
| Patent | $376 |
| Trademark | $0 |
| Licensing rights | $15,000 |
3.
Partial income statement for 2017
| Amortization expense | $15,376 |
Partial Balance sheet at December 31, 2017
| Intangibles: | |
| Patent (5,640 - 376) | $5,264 |
| Trademark | $10,000 |
| Licensing rights (60,000 - 15,000) | $45,000 |
| Total Intangibles | $60,264 |
Please ask if you have any query related to the question. Thank you
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