Bluestone Company had three intangible assets at the end of the current year: a. A patent...
Bluestone Company had three intangible assets at the end of the
current year:
a.
A patent purchased this year from Miller Co. on January 1 for a
cash cost of $6,000. When purchased, the patent had an estimated
life of 10 years.
b.
A trademark was registered with the federal government for $45,000.
Management estimated that the trademark could be worth as much as
$130,000 because it has an indefinite life.
c.
Computer licensing rights were purchased this year on January 1 for
$40,000. The rights are expected to have a five-year useful life to
the company.
Required:
1.
Compute the acquisition cost of each intangible asset.
2.
Compute the amortization of each intangible for the current year
ended December 31. (Do not round intermediate calculations.)
3.
Show how these assets and any related expenses should be reported
on the balance sheet and income statement for the current year.
Homework Answers
Add Answer to:
Bluestone Company had three intangible assets at the end of the
current year:
a.
A patent...
Bluestone Company had three intangible assets at the end of the current year: A patent purchased...
Bluestone Company had three
intangible assets at the end of the current year: A patent
purchased this year from Miller Co. on January 1 for a cash cost of
$7,500. When purchased, the patent had an estimated life of 15
years. A trademark was registered with the federal government for
$6,500. Management estimated that the trademark could be worth as
much as $170,000 because it has an indefinite life. Computer
licensing rights were purchased this year on January 1 for...
3 Bluestone Company had three intangible assets at the end of the current year: a. A patent purch...
3 Bluestone Company had three intangible assets at the end of the current year: a. A patent purchased this year from Miller Co. on January 1 for a cash cost of $2,700. When purchased, the patent had an estimated life of 9 years as much as $150,000 because it has an indefinite life life to the company b. A trademark was registered with the federal government for $5,500. Management estimated that the trademark could be worth 10 points C. Computer...
Required 1-3 Please! Bluestone Company had three intangible assets at the end of the current year:...
Required 1-3 Please!
Bluestone Company had three intangible assets at the end of the current year: a. A patent purchased this year from Miller Co. on January 1 for a cash cost of $5,600. When purchased, the patent had an estimated life of 8 years. b. A trademark was registered with the federal government for $12,500. Management estimated that the trademark could be worth as much as $290,000 because it has an indefinite life. c. Computer licensing rights were purchased...
Kreiser Company had three intangible assets at the end of 2017 (end of the accounting year):...
Kreiser Company had three intangible assets at the end of 2017 (end of the accounting year): a. A patent was purchased from J. Miller on January 1, 2017, for a cash cost of $5,640. When purchased, the patent had an estimated life of fifteen years. b. A trademark was registered with the federal government for $10,000. Management estimated that the trademark could be worth as much as $200,000 because it has an indefinite life. c. On January 1, 2017, computer...
Please follow this format when answering this question. Kreiser Company had three intangible assets at the...
Please follow this format when answering this question.
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a. A patent purchased this year from Miller Co. on January 1 for a cash cost...
a.
A patent purchased this year from Miller Co. on January 1 for a
cash cost of $2,200. When purchased, the patent had an estimated
life of 11 years . b. A trademark was registered with the federal
government for $5,000. Management estimated that the trademark
could be worth as much as $140,000 because it has an indefinite
life. c. Computer licensing rights were purchased this year on
January 1 for $36,000. The rights are expected to have a four-year...
assets at the end of the year a. A patent purchased this year from Miller Co....
assets at the end of the year a. A patent purchased this year from Miller Co. on January 1 for a cash cost of $6,000. When purchased, the patent had an estimated life of 12 years. b. A trademark was registered with the federal government for $4,000. Management estimated that the trademark could be worth as much as $120,000 because it has an indefinite life. c. Computer licensing rights were purchased this year on January 1 for 42,000. The rights...
E9-12 Computing and Reporting the Acquisition and Amortization of Three Different Intangible Assets [LO 9-6] Bl...
E9-12 Computing and Reporting the Acquisition and Amortization of Three Different Intangible Assets [LO 9-6] Bluestone Company had three intangible assets at the end of the current year. a. A patent purchased this year from Miller Co. on January 1 for a cash cost of $4,000. When purchased the patent had an estimated life of 10 years. b. A trademark was registered with the federal government for $8.500. Management estimated that the trademark could be worth as much as $210,000...
E9-12 Computing and Reporting the Acquisition and Amortization of Three Different intangible Assets (106) Kieser Company...
E9-12 Computing and Reporting the Acquisition and Amortization of Three Different intangible Assets (106) Kieser Company had three intangible assets at the end of 2011 end of the accounting yet a A patent was purchased from 1 Miller on January 1, 2014. for a cash cost of $5.700 When purchased the patent had an estimated te of 15 years. A trademark was registered with the federal ayeinment for $14,ODD Management estimated that the trademack could be worth as much as...
14 a. A patent purchased this year from Miller Co. on January 1 for a cash...
14 a. A patent purchased this year from Miller Co. on January 1 for a cash cost of $9,300. When purchased, the patent had an estimated life of 15 years. b.A trademark was registered with the federal government for $10,000. Management estimated that the trademark could be worth as much as $200,000 because it has an indefinite life c. Computer licensing rights were purchased this year on January 1 for $60,000. The rights are expected to have a five-year useful...
Bluestone Company had three
intangible assets at the end of the current year: A patent
purchased this year from Miller Co. on January 1 for a cash cost of
$7,500. When purchased, the patent had an estimated life of 15
years. A trademark was registered with the federal government for
$6,500. Management estimated that the trademark could be worth as
much as $170,000 because it has an indefinite life. Computer
licensing rights were purchased this year on January 1 for...
3 Bluestone Company had three intangible assets at the end of the current year: a. A patent purchased this year from Miller Co. on January 1 for a cash cost of $2,700. When purchased, the patent had an estimated life of 9 years as much as $150,000 because it has an indefinite life life to the company b. A trademark was registered with the federal government for $5,500. Management estimated that the trademark could be worth 10 points C. Computer...
Required 1-3 Please!
Bluestone Company had three intangible assets at the end of the current year: a. A patent purchased this year from Miller Co. on January 1 for a cash cost of $5,600. When purchased, the patent had an estimated life of 8 years. b. A trademark was registered with the federal government for $12,500. Management estimated that the trademark could be worth as much as $290,000 because it has an indefinite life. c. Computer licensing rights were purchased...
Kreiser Company had three intangible assets at the end of 2017 (end of the accounting year): a. A patent was purchased from J. Miller on January 1, 2017, for a cash cost of $5,640. When purchased, the patent had an estimated life of fifteen years. b. A trademark was registered with the federal government for $10,000. Management estimated that the trademark could be worth as much as $200,000 because it has an indefinite life. c. On January 1, 2017, computer...
Please follow this format when answering this question.
Kreiser Company had three intangible assets at the end of 2014 (end of the accounting year): a. A patent was purchased from J. Miller on January 1, 2014, for a cash cost of $5,625. When purchased, the patent had an estimated life of 15 years. b. A trademark was registered with the federal government for $21,000. Management estimated that the trademark could be worth as much as $200,000 because it has an...
a.
A patent purchased this year from Miller Co. on January 1 for a
cash cost of $2,200. When purchased, the patent had an estimated
life of 11 years . b. A trademark was registered with the federal
government for $5,000. Management estimated that the trademark
could be worth as much as $140,000 because it has an indefinite
life. c. Computer licensing rights were purchased this year on
January 1 for $36,000. The rights are expected to have a four-year...
assets at the end of the year a. A patent purchased this year from Miller Co. on January 1 for a cash cost of $6,000. When purchased, the patent had an estimated life of 12 years. b. A trademark was registered with the federal government for $4,000. Management estimated that the trademark could be worth as much as $120,000 because it has an indefinite life. c. Computer licensing rights were purchased this year on January 1 for 42,000. The rights...
E9-12 Computing and Reporting the Acquisition and Amortization of Three Different Intangible Assets [LO 9-6] Bluestone Company had three intangible assets at the end of the current year. a. A patent purchased this year from Miller Co. on January 1 for a cash cost of $4,000. When purchased the patent had an estimated life of 10 years. b. A trademark was registered with the federal government for $8.500. Management estimated that the trademark could be worth as much as $210,000...
E9-12 Computing and Reporting the Acquisition and Amortization of Three Different intangible Assets (106) Kieser Company had three intangible assets at the end of 2011 end of the accounting yet a A patent was purchased from 1 Miller on January 1, 2014. for a cash cost of $5.700 When purchased the patent had an estimated te of 15 years. A trademark was registered with the federal ayeinment for $14,ODD Management estimated that the trademack could be worth as much as...
14 a. A patent purchased this year from Miller Co. on January 1 for a cash cost of $9,300. When purchased, the patent had an estimated life of 15 years. b.A trademark was registered with the federal government for $10,000. Management estimated that the trademark could be worth as much as $200,000 because it has an indefinite life c. Computer licensing rights were purchased this year on January 1 for $60,000. The rights are expected to have a five-year useful...
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