patents | 81,900 |
goodwill | 309,000 |
franchises | 349,600 |
total intangible assets | 740,500 |
working:
annual amortisation on franchise = $368,000 /10 years
=>$36,800.
but it was in use only for 6 months , so amortisation during the year = $36,800 *6/12=>$18,400.
balance in franchise account = 368,000 - 18,400
=>349,600.
The following information relates to the intangible assets of University Testing Services (UTS): 0. On January...
Required information The following information applies to the questions displayed below) 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 $2,847,000 in cash. The fair value of the net identifiable assets of Heinrich was $2,550,000 a. Included in the assets purchased from Heinrich was a patent valued at $81,200. The original legal life of the patent was 20 years, there are 12 years...
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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...
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The following information concerns the intangible assets of Epstein Corporation: a. On June 30, 2021, Epstein completed the acquisition of the Johnstone Corporation for $1,820,000 in cash. The fair value of the net identifiable assets of Johnstone was $1,550,000. b. Included in the assets purchased from Johnstone was a patent that was valued at $84,600. The remaining legal life of the patent was 14 years, but Epstein believes that the patent will only be useful for another nine...
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