Amortization of Intangible Assets MicroSystems Inc. acquired a patent for $183,900. MicroSystems amortizes the patent on...
Amortization of Intangible Assets
MicroSystems Inc. acquired a patent for $183,900. MicroSystems amortizes the patent on a straight-line basis over its remaining economic life of 12 years.
Required:
Prepare the journal entry to record the amortization expense related to the patent.
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Dec. 31 Amortization expense: Patent: |
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Amortization of Intangible Assets
MicroSystems Inc. acquired a patent for $183,900. MicroSystems
amortizes the patent on...
Acquisition and Amortization of Intangible Assets TLM Technologies had these transactions related to intangible assets during...
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Wember Company acquired a subsidiary company on December 31, 2012, and recorded the cost of the intangible assets it acquired as follows: Patent $100,000 Trade name 80,000 Goodwill 150,000 The patent...
Wember Company acquired a subsidiary company on December 31, 2012, and recorded the cost of the intangible assets it acquired as follows: Patent $100,000 Trade name 80,000 Goodwill 150,000 The patent is being amortized by the straight-line method over an expected life of 10 years with no residual value. Amortization has been recorded for the current year. The trade name was considered to have an indefinite life. Because of the success of the subsidiary in the past, Wember has not...
Check my work 17 Required information Problem 7-6B Record amortization and prepare the intangible assets section...
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Prepare entries to ru n related to acquisition and amortization of intangibles, prepare the intangible assets...
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Problem 7-6B Record amortization and prepare the intangible assets section (LO7-5) [The following information applies to...
Problem 7-6B Record amortization and prepare the intangible
assets section (LO7-5)
[The following
information applies to the questions displayed below.]
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: 0. 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...
Required information Problem 7-6B Record amortization and prepare the intangible assets section (LO7-5) The following information...
Required information Problem 7-6B Record amortization and prepare the intangible assets section (LO7-5) 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 $1.590,000 In cash. The fair value of the Identifiable net assets of Farmers Produce was $1,431,000. b. Included in the assets purchased from Farmers Produce was a patent for a method of...
Dynamo Manufacturing paid cash to acquire the assets of an existing company. Among the assets acquired...
Dynamo Manufacturing paid cash to acquire the assets of an existing company. Among the assets acquired were the following items: Patent with 4 remaining years of legal life Goodwill $33,600 39,600 Dynamo's financial condition just prior to the acquisition of these assets is shown in the following statements model: Liab. Rev. Exp. Net Inc. Cash Flow + Assets Patent NA Cash 85,600 + Goodwill NA Equity 85,600 NA NA NA NA NA Required: a. Compute the annual amortization expense for...
Please Help! The following information concerns the intangible assets of Epstein Corporation: a. On June 30,...
Please Help!
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...
Problem 11-8 Amortization; partial period [LO11-4) The following information concerns the intangible assets of Epstein Corporation:...
Problem 11-8 Amortization; partial period [LO11-4) The following information concerns the intangible assets of Epstein Corporation: a. On June 30, 2018, Epstein completed the acquisition of the Johnstone Corporation for $1,400,000 in cash. The fair value of the net identifiable assets of Johnstone was $1,200,000. b. Included in the assets purchased from Johnstone was a patent that was valued at $56,000. The remaining legal life of the patent was 12 years, but Epstein believes that the patent will only be...
Acquisition and Amortization of Intangible Assets TLM Technologies had these transactions related to intangible assets during 2011 Jan. 2 Purchased a patent from Luna Industries for $200,000. The remaining legal life of the patent is 15 years and TLM expects the patent to be useful for 8 years. 5 Paid legal fees in a successful legal defense of the patent of $80,000. June 29 Registered a trademark with the federal government. Registration costs were $12,200. TLM expects to use the...
Check my work 17 Required information Problem 7-6B Record amortization and prepare the intangible assets section (LO7-5) (The following information applies to the questions displayed below.) points The following information relates to the intangible assets of Lettuce Express: eBook Print a. On January 1, 2021, Lettuce Express completed the purchase of Farmers Produce, Inc., for $1,510,000 in cash. The fair value of the identifiable net assets of Farmers Produce was $1,359,000. b. Included in the assets purchased from Farmers Produce...
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...
Problem 11-8 Amortization; partial period (LO11-4) The following information concerns the intangible assets of Epstein Corporation a: On June 30, 2018, Epstein completed the acquisition of the Johnstone Corporation for $1.820.000 in cash The fair value of the net identifiable assets of lohnstone was $1,550,000 b Included in the assets purchased from Johnstone was a patent that was valued at 584,600 The remaining legal life of the patent was 14 years, but Epstein believes that the patent will only be...
Problem 7-6B Record amortization and prepare the intangible
assets section (LO7-5)
[The following
information applies to the questions displayed below.]
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: 0. 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...
Required information Problem 7-6B Record amortization and prepare the intangible assets section (LO7-5) 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 $1.590,000 In cash. The fair value of the Identifiable net assets of Farmers Produce was $1,431,000. b. Included in the assets purchased from Farmers Produce was a patent for a method of...
Dynamo Manufacturing paid cash to acquire the assets of an existing company. Among the assets acquired were the following items: Patent with 4 remaining years of legal life Goodwill $33,600 39,600 Dynamo's financial condition just prior to the acquisition of these assets is shown in the following statements model: Liab. Rev. Exp. Net Inc. Cash Flow + Assets Patent NA Cash 85,600 + Goodwill NA Equity 85,600 NA NA NA NA NA Required: a. Compute the annual amortization expense for...
Please Help!
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...
Problem 11-8 Amortization; partial period [LO11-4) The following information concerns the intangible assets of Epstein Corporation: a. On June 30, 2018, Epstein completed the acquisition of the Johnstone Corporation for $1,400,000 in cash. The fair value of the net identifiable assets of Johnstone was $1,200,000. b. Included in the assets purchased from Johnstone was a patent that was valued at $56,000. The remaining legal life of the patent was 12 years, but Epstein believes that the patent will only be...
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