Bahrain Company acquired a trademark for 10,000,000 from Bangkok Trading on January 2, 2020. The trademark is carried in the accounting records for Bangkok at an amortized cost of 7,600,000. Bahrain's independent consultant has estimated that the remaining useful life of the trademark is 10 years. What amount should Bahrain report as accumulated amortization in its December 31, 2020 statement of financial position? A. 380,000 B. 500,000 C. 760,000 D. 1,000,000
Bahrain Company acquired a trademark for 10,000,000 from Bangkok Trading on January 2, 2020. The trademark is carried in the accounting records for Bangkok at an amortized cost of 7,600,000. Bahrain's independent consultant has estimated that the remaining useful life of the trademark is 10 years. What amount should Bahrain report as accumulated amortization in its December 31, 2020 statement of financial position? A. 380,000 B. 500,000 C. 760,000 D. 1,000,000
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 7MC
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Bahrain Company acquired a trademark for 10,000,000 from Bangkok Trading on January 2, 2020. The trademark is carried in the accounting records for Bangkok at an amortized cost of 7,600,000. Bahrain's independent consultant has estimated that the remaining useful life of the trademark is 10 years.
What amount should Bahrain report as accumulated amortization in its December 31, 2020statement of financial position ?
What amount should Bahrain report as accumulated amortization in its December 31, 2020
A. 380,000
B. 500,000
C. 760,000
D. 1,000,000
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