12. On January 2, 20X0, Earth Company bought a trademark from Mars Company for P600,000. Earth retained an independent consultant, who estimated the trademark’s remaining life to be 20 years. Its amortized cost on Mars’ accounting records was P456, 000. What amount should the trademark be initially recorded?

Q: ABC Co. purchased a patent on January 1, 2018 for P300,000. The patent was being amortized over its…

A: Amortization is allocation of cost of Intangible assets over the life of assets

Q: ) Young Company has provided information on intan- gible assets as follows. A patent was purchased…

A: The amortization cost for the year 2019 is $100,000. The amortization cost of patent is calculated…

Q: Baguio Corp. incurred P350,000 of research and development costs to develop a product for whicha…

A: A patent refers to the grant of an exclusive right for any kind of invention, product, or process…

Q: Corona Company purchased a patent for P284,375 on January 2, 2015. The patent was being amortized…

A: Corona Company purchased a patent for P284,375 on January 2, 2015. The patent was being amortized…

Q: Colgate Co. bought a trademark from Crest Corp. on May 1, 2019 for P300,000. Its unamortized cost on…

A: The calculation of amount of trademark that should be reported in the Statement of Financial…

Q: On January 1, 200A, ABC Company sells to XYZ, a used transportation equipment, which was acquired at…

A: Current liabilities: Liabilities that have to be paid within one year or one operating cycle,…

Q: In 2020, ABC Machine Company spent P352,000 on research and development costs for an invention. This…

A: The expenses related to the patent will be the amortization expense and other expenses incurred…

Q: Bahrain Company acquired a trademark for 10,000,000 from Bangkok Trading on January 2, 2020. The…

A: Amortization is a process of reducing the book value of an intangible asset over its useful life.…

Q: On January 1, 2014, Aim Company showed patent of P1,920,000 with related accumulated amortization of…

A:

Q: On January 1, 20x1, M Co. incurred P500,000 in registering a patent. It was initially estimated that…

A: Amortization of Patents - It is the calculation of patent amounts divided by the useful life of…

Q: Your investigation of Samsung Corp.’s various non-current asset transactions for 2021 revealed the…

A: Intellectual property rights refers to the legal rights which protects the creators or inventors and…

Q: On January 1, 200A, ABC Company sells to XYZ, a used transportation equipment, which was acquired at…

A: There would be two types of income for the year 200A: The first one is Gain on sale of equipment And…

Q: ABC Co. purchased a patent on January 1, 2018 for P300,000. The patent was being amortized over its…

A: Introduction Patents amortization: Patents are the intangible fixed assets. Their cost is spread…

Q: On January 1, 20x1, T Co. purchase a patent from B Inc. for P500,000. Blue has held this patent for…

A: The patent is a non-tangible asset of the company that is amortized every year.

Q: 1. On January 1, 2018, Navy Company purchased Patent X from the inventor at a price of P180,000.…

A: The question is related to Intangible Assets. Required  a. Entries to record purchase of patent X…

Q: amortization expense in 2024?

A: The Blue company has bought the trademark from shoes inc. for P300,000 then the amortization cost in…

Q: Corona Company purchased a patent for P284,375 on January 2, 2015. The patent was being amortized…

A: Corona Company purchased a patent for P284,375 on January 2, 2015. The patent was being amortized…

Q: 7. In 2020, Lihim na Pagtingin Designs Corp. sold a layout design to Masaya Inc. and will receive…

A: Revenue - Revenue is the income earned during the financial year. It is not on the receipt basis it…

Q: Safehouse Company was granted a patent on a product on January 1, 2011 with 20 -year useful life. To…

A: Useful life of the patent is the legal life of any patent purchased and the cost of every patent is…

Q: On January 1, 2021, ABC Company purchased P600,000, a trademark with an estimated useful life of 16…

A: January 1, 2021 : (1) Purchase Cost of Trademark = P 600,000 (2) Estimated Useful Life = 16 years…

Q: 018 and was amortized over the remaining life of the trademark at the beginning of 2018 which was 8…

A: Introduction Intellectual property rights refers to the legal rights which protects the creators…

Q: On January 1, 200A, ABC Company sells to XYZ, a used transportation equipment, which was acquired at…

A: The promissory notes also known as the notes receivables are the fixed documents which shows the…

Q: n Jan 1, 20X1, ABC Corp purchased a patent for P90,000. At the time

A: Patent: It is an intangible assets / intellectual property or legal documents that gives right to…

Q: On January 2, 1998, the Jackson Corporation acquired patent rights from the Cooper Company for…

A: A journal entry is used to record day-to-day business transactions by debiting and crediting…

Q: On January 1, 2020, Grand Haven, Inc., reports net assets of $843,200 although equipment (with a…

A: In business combination, when an asset is acquired  then it should be  measured at Fair value

Q: On January 1, 200A, ABC Company sells to XYZ, a used transportation equipment, which was acquired at…

A: The current portion of note receivable is the part which is due within 1 year. In this case, as on…

Q: for 2021 revealed the following information: Samsung Corp.’s reported a Trademark at P520,000 at…

A: Goodwill refers to the concept of evaluating the value of the company on the basis of its reputation…

Q: In Colgate's December 31, 2019, Financial Position what amount should the trademark be reported?

A: Note: Assumed that Legal life of Trademark is 10 Years. Given: Cost of Trademark P300,000 Reporting…

Q: .In Jan of 2018, Entity D purchased a patent at a cost of P200,000. Legal and filing fees of P50,000…

A: solution given Purchase cost 200000 Legal and filing fees 50000 Estimated life 10…

Q: The following information concerns the intangible assets of Epstein Corporation:a. On June 30, 2021,…

A: a. Goodwill = Acquisition cost - Fair value of net identifiable assets  = $2,000,000 - $1,700,000 =…

Q: May I ask for help with this question? I got an answer of 37,500 (Rounded Up) Please check.  On…

A: The amortization of expense is the write-off of an intangible asset as per its legal useful life.

Q: Sheridan Corp. incurred $890000 of research and development costs to develop a product for which a…

A: Research and development costs are expensed in the period in which it is incurred. Thus, the…

Q: ze full year’s amortization in the year of acquisition and none in the year of derecognition. How…

A: Given: To calculate the profit or loss on the recognized company in the 20x3 statement as,

Q: trademark

A: On January 1, 2005, Mambusao Company bought a trademark from Panitan Company for P6,000,000.    In…

Q: What is the total amount that should be debited to Patents through July 31, 2022?

A: Given information is: Oriole Company incurred $930000 of research and development costs in its…

Q: On January 1, 200A, ABC Company sells to XYZ, a used transportation equipment, which was acquired at…

A: Notes receivables are the promissory notes which works as a legal document for repaying the money…

Q: Bennet Company purchased a patent from Arnold Company on January 1, 2021 for $450,000. Arnold…

A: Patent: A patent is an amortizable, elusive resource that allows a business the sole right to make…

Q: e of th

A: Given: Jordan Company for P120,000 Trademark totaling P30,000

Q: R Company registered a patent on January 1, 2015. P Company purchased the patent from R Company for…

A: Note: As per relevant accounting standard, Legal life of patent is 20 years. It means patent will be…

Q: On January 1, 200A, ABC Company sells to XYZ, a used transportation equipment, which was acquired at…

A: Note receivable is the instrument that gives a right to the holder of the instrument the right to…

Q: Alliyah Co. was granted a patent on January 1, 20x1. The patent was appropriately recognized at P…

A: The cost incurred in defending the patent infringement would be capitalized by including in the…

Q: The initial amount of the note receivable

A: The notes receivable would be calculated as present value of annual lease payment on the loan. The…

Q: XYZ Corporation incurred the following costs in 2020: • XYZ Corporation purchased a patent from ABC…

A: Intangible assets include: Goodwill  Patent Copyright Trademark

Q: 17.On December 31, 20x1, the building of Borong Co. with a historical cost of #320,000,000,…

A: Under the elimination method , accumulated depreciation is set to zero and the assets record at fair…

Q: ompany acquired a trademark for P10 million from Bangkok Trading on January 2, 2022. The trademark…

A: Trademarks are acquired at some cost but these are to be amortized in the accounting over the life…

Q: 1. On May 1, 2019, ABC Corporation bought a trademark from DEF Corporation for P300,000. Its…

A: Hello. Since your question has multiple parts, we will solve the first question for you. If you want…

Q: Smith and Sons obtained a patent for an new optical scanning device. The fees incurred to file for…

A: Journal entry: it is prepared to record the financial and non financial transaction of the business…