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24 Which of the tolowing amounts inoumed in connecion with a trademark shiau Cest of a Successtul Defenss Begistration Fees Yes No Yes CNo No Yes Yes No 25 A purchased patent has a remaining legal life of 15 years. It should be. on expensed in the year of acquisition amortized over 15 years regardless of its useful life amortized over its useful tife if less than 15 years not be amortized 26. Dering 2014, Traco Machine Company spent $176,000 on R&D costs for an invention. This invention was patented on January 2, 2015, at a nominal cost that was expensed in 2015. The patent had a legal life of 20 years and an estimated useful life of 8 years In January 2019, Traco paid $16,000 for legal fees in a successful defense of the patent. Amortization for 2019 should be: $0 b. a. $1,000 $4,000 d. C. $26,000 27. Sherwood Corporation incurred $68,000 of R&D costs in its laboratory to develop a patent that was granted on January 2, 2018. Legal fees and other costs associated with registration of the patent totaled $13.600 Sherwood estimates that the economic life of the patent will be 8 years. What amount should Sherwood charge to patent amortization expense for the year ended December 31, 2018? $0 a. $800 $1,700 d. $10,200 b. C. 28. Goodwill represents the excess of the purchase price of an acquired company over the: sum of the fair values assigned to tangible assets acquired minus liabilities assumed sum of the fair values assigned to identifiable assets acquired minus liabilities assumed sum of the fair values assigned to intangible assets acquired minus liabilities assumed book value of an acquired company a. b. С. d.

24 Which of the tolowing amounts inoumed in connecion with a trademark shiau Cest of a Successtul Defenss Begistration Fees Yes No Yes CNo No Yes Yes No 25 A purchased patent has a remaining legal life of 15 years. It should be. on expensed in the year of acquisition amortized over 15 years regardless of its useful life amortized over its useful tife if less than 15 years not be amortized 26. Dering 2014, Traco Machine Company spent $176,000 on R&D costs for an invention. This invention was patented on January 2, 2015, at a nominal cost that was expensed in 2015. The patent had a legal life of 20 years and an estimated useful life of 8 years In January 2019, Traco paid $16,000 for legal fees in a successful defense of the patent. Amortization for 2019 should be: $0 b. a. $1,000 $4,000 d. C. $26,000 27. Sherwood Corporation incurred $68,000 of R&D costs in its laboratory to develop a patent that was granted on January 2, 2018. Legal fees and other costs associated with registration of the patent totaled $13.600 Sherwood estimates that the economic life of the patent will be 8 years. What amount should Sherwood charge to patent amortization expense for the year ended December 31, 2018? $0 a. $800 $1,700 d. $10,200 b. C. 28. Goodwill represents the excess of the purchase price of an acquired company over the: sum of the fair values assigned to tangible assets acquired minus liabilities assumed sum of the fair values assigned to identifiable assets acquired minus liabilities assumed sum of the fair values assigned to intangible assets acquired minus liabilities assumed book value of an acquired company a. b. С. d.

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter12: Intangibles
Section: Chapter Questions
Problem 1RE: Steel Magnolia Incorporated purchased a trademark 7 years ago for 275,000. Steel Magnolia believed...
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please answer question 27

24 Which of the tolowing amounts inoumed in connecion with a trademark shiau Cest of a Successtul Defenss Begistration Fees Yes No Yes CNo No Yes Yes No 25 A purchased patent has a remaining legal life of 15 years. It should be. on expensed in the year of acquisition amortized over 15 years regardless of its useful life amortized over its useful tife if less than 15 years not be amortized 26. Dering 2014, Traco Machine Company spent $176,000 on R&D costs for an invention. This invention was patented on January 2, 2015, at a nominal cost that was expensed in 2015. The patent had a legal life of 20 years and an estimated useful life of 8 years In January 2019, Traco paid $16,000 for legal fees in a successful defense of the patent. Amortization for 2019 should be: $0 b. a. $1,000 $4,000 d. C. $26,000 27. Sherwood Corporation incurred $68,000 of R&D costs in its laboratory to develop a patent that was granted on January 2, 2018. Legal fees and other costs associated with registration of the patent totaled $13.600 Sherwood estimates that the economic life of the patent will be 8 years. What amount should Sherwood charge to patent amortization expense for the year ended December 31, 2018? $0 a. $800 $1,700 d. $10,200 b. C. 28. Goodwill represents the excess of the purchase price of an acquired company over the: sum of the fair values assigned to tangible assets acquired minus liabilities assumed sum of the fair values assigned to identifiable assets acquired minus liabilities assumed sum of the fair values assigned to intangible assets acquired minus liabilities assumed book value of an acquired company a. b. С. d.
Transcribed Image Text:24 Which of the tolowing amounts inoumed in connecion with a trademark shiau Cest of a Successtul Defenss Begistration Fees Yes No Yes CNo No Yes Yes No 25 A purchased patent has a remaining legal life of 15 years. It should be. on expensed in the year of acquisition amortized over 15 years regardless of its useful life amortized over its useful tife if less than 15 years not be amortized 26. Dering 2014, Traco Machine Company spent $176,000 on R&D costs for an invention. This invention was patented on January 2, 2015, at a nominal cost that was expensed in 2015. The patent had a legal life of 20 years and an estimated useful life of 8 years In January 2019, Traco paid $16,000 for legal fees in a successful defense of the patent. Amortization for 2019 should be: $0 b. a. $1,000 $4,000 d. C. $26,000 27. Sherwood Corporation incurred $68,000 of R&D costs in its laboratory to develop a patent that was granted on January 2, 2018. Legal fees and other costs associated with registration of the patent totaled $13.600 Sherwood estimates that the economic life of the patent will be 8 years. What amount should Sherwood charge to patent amortization expense for the year ended December 31, 2018? $0 a. $800 $1,700 d. $10,200 b. C. 28. Goodwill represents the excess of the purchase price of an acquired company over the: sum of the fair values assigned to tangible assets acquired minus liabilities assumed sum of the fair values assigned to identifiable assets acquired minus liabilities assumed sum of the fair values assigned to intangible assets acquired minus liabilities assumed book value of an acquired company a. b. С. d.
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