1. Which of the following is not a required disclosure regarding intangible assets in the period a company acquires inta...
1. Which of the following is not a required disclosure regarding intangible assets in the period a company acquires intangible assets?
A. the rate of return used to estimate the value of goodwill purchased
B. the cost of any intangible assets acquired, separated into assets subject to amortization, assets not subject to amortization, and goodwill
C. for assets subject to amortization, the residual value and the weighted-average amortization period
D. the cost of any research and development acquired and written off, and where it is included in the income statement
Homework Answers
Answer: (A)
Explanation
The correct answer is A because of the company is not required to disclose the rate of return used to estimated the Value good will purchase..
The financial statement should be used identifying the separately of intangible assets.
The company can acquire and record all the assets value and cost of acquiring the assets.
Intangible assets are initially record on the financial statement at their of purchase price.
So the rate of return not acquired to estimated the Value of good will purchase .it would be estimated the Value of financial statement
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1- Sunland Company, organized in 2019, has set up a single account for all intangible assets. The following summary disc...
1-
Sunland Company, organized in 2019, has set up a single account
for all intangible assets. The following summary discloses the
debit entries that have been recorded during 2020.
1/2/20
Purchased patent (7-year life)
$305,900
4/1/20
Purchase goodwill (indefinite life)
347,000
7/1/20
Purchased franchise with 10-year life; expiration date
7/1/30
427,000
8/1/20
Payment of copyright (5-year life)
152,400
9/1/20
Research and development costs
217,000
$1,449,300
a:Prepare the necessary entry to clear the Intangible Assets
account and to set up separate...
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The following is a list of items that might or might not be classified as intangible assets or goodwill: 1. Goodwill recorded in the purchase of a business 2. Equipment obtained under an operating lease 3. Cost of purchasing a copyright 4. Cost of purchasing a trademark 5. Research costs involving tests of chemicals to use in a new medication that has not yet been developed 6. Goodwill generated internally 7. Aircraft acquired using a finance lease 8. Cost of...
4. Crane Company, organized in 2017, has these transactions related to intangible assets in that year:...
4. Crane Company, organized in 2017, has these transactions related to intangible assets in that year: Jan. 2 Patent bought that had an estimated useful life of 5-years for $325,000 Apr. 1 Goodwill was purchased as part of the acquisition of another company. It has an indefinite life and cost $360,000. July 1 Purchased a franchise that will last 9 years for $720,000. Sept. 1 Incurred research & development costs $185,000. Instructions (a) Prepare the necessary entries to record these...
Which of the following statements is false regarding the amortization of intangible assets? Multiple Choice Intangible assets with a limited useful life are amortized. The service life of an intangible asset is always equal to its legal life. The expected residual value of most intangible assets is zero. Goodwill is the most common intangible asset with an indefinite useful life.
calculate the total amount for intangible assets at Dec 31,
2020 using IFRS
Crane Electric Inc. has the following amounts included in its general ledger at December 31, 2020: Organization costs $34,900 Purchased trademarks 18,600 Development phase activities (meet all six development phase criteria) 30,100 Deposits with advertising agency for ads to promote goodwill of company 8,100 Excess of cost over fair value of identifiable net assets of acquired subsidiary 82,100 Cost of equipment acquired for research and development projects;...
Exercise 9-10 a-b (Part Level Submission) Sandhill Ltd. has these transactions related to intangible assets and goodwill in 2018, its first year of operations: Purchased a patent with an estimated useful life of five years for $40,280. The company that sold the patent to Collins registered the patent 10 years ago. Jan. 2 Acquired another company and recorded goodwill of $320,700 as part of the purchase. Apr. 1 Acquired a franchise for $234,000. The franchise agreement is renewable without charge...
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....
1-
Sunland Company, organized in 2019, has set up a single account
for all intangible assets. The following summary discloses the
debit entries that have been recorded during 2020.
1/2/20
Purchased patent (7-year life)
$305,900
4/1/20
Purchase goodwill (indefinite life)
347,000
7/1/20
Purchased franchise with 10-year life; expiration date
7/1/30
427,000
8/1/20
Payment of copyright (5-year life)
152,400
9/1/20
Research and development costs
217,000
$1,449,300
a:Prepare the necessary entry to clear the Intangible Assets
account and to set up separate...
Exercise 9-10 a-b (Part Level Submission) Sandhill Ltd. has these transactions related to intangible assets and goodwill in 2018, its first year of operations: Jan. 2 Apr. 1 July 1 Sept. 1 30 Dec. 31 31 Purchased a patent with an estimated useful life of five years for $40,280. The company that sold the patent to Collins registered the patent 10 years ago. Acquired another company and recorded goodwill of $320,700 as part of the purchase. Acquired a franchise for...
Ivanhoe Limited organized late in 2019 and set up a single account for all intangible assets. The following summary shows the entries in 2020 (all debits) that have been recorded in Intangible Assets since then: Jan. 2 Purchased patent (8-year life) $338,000 Mar. 31 Costs to search for new ways to apply patent that was purchased on Jan. 2 21,000 Apr. 1 Purchased goodwill (indefinite life) 314,000 July Purchased franchise with 10-year life; expiration date July 1, 2030 257,000 1...
The following is a list of items that might or might not be classified as intangible assets or goodwill: 1. Goodwill recorded in the purchase of a business 2. Equipment obtained under an operating lease 3. Cost of purchasing a copyright 4. Cost of purchasing a trademark 5. Research costs involving tests of chemicals to use in a new medication that has not yet been developed 6. Goodwill generated internally 7. Aircraft acquired using a finance lease 8. Cost of...
4. Crane Company, organized in 2017, has these transactions related to intangible assets in that year: Jan. 2 Patent bought that had an estimated useful life of 5-years for $325,000 Apr. 1 Goodwill was purchased as part of the acquisition of another company. It has an indefinite life and cost $360,000. July 1 Purchased a franchise that will last 9 years for $720,000. Sept. 1 Incurred research & development costs $185,000. Instructions (a) Prepare the necessary entries to record these...
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