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- The following intangible assets were purchased by Goldstein Corporation: A. A patent with a remaining legal life of twelve years is bought, and Goldstein expects to be able to use it for seven years. B. A copyright with a remaining life of thirty years is purchased, and Goldstein expects to be able to use it for ten years. For each of these situations, determine the useful life over which Goldstein will amortize the intangible assets.The following intangible assets were purchased by Hanna Unlimited: A. A patent with a remaining legal life of twelve years is bought, and Hanna expects to be able to use it for six years. It is purchased at a cost of $48,000. B. A copyright with a remaining life of thirty years is purchased, and Hanna expects to be able to use it for ten years. It is purchased for $70,000. Determine the annual amortization amount for each intangible asset.A proprietorship has a calendar fiscal year and acquires a machine on April 1 of the current year. The machine has a cost of $54,000. The proprietor pays a contractor $19,000 to install the machine and pays a non-refundable provincial sales tax of $8,600. The machinery is Class 8 equipment with a CCA rate of 20%. Assuming that the opening UCC for Class 8 assets is $0, what is the maximum CCA that can be deducted for this machine in the current fiscal year? A. $16,320 B. $24,480 O C. $8,160 D. $21,900
- Rigg Owusu Enterprises Ltd bought a machine for GH₵ 150,000 on 1st January 2019. It depreciates the machine on cost over four years assuming a nil residual value. The company received a grant of GH₵30,000 from the municipal assembly to support the acquisition of the machines. Account for this grant under the netting off method.Maroon Company acquired a rice milling machine to be used by farmers for P 900,000 on January 1, 2020. The company received a government grant of P81,000 in respect of this asset. It is the policy of the entity to depreciate the asset over 4 years on a straight Ine basis and to treat the grant as deferred income.QUESTION 1:What should be the carrying amount of the machine as of December 31, 2021?QUESTION 2:What is the deferred income balance at December 31, 2021?QUESTION 3:What is the realized income from government grants in 2022??Information concerning Cheyenne Corporation’s intangible assets is as follows. 1. On January 1, 2020, Cheyenne signed an agreement to operate as a franchisee of Hsian Copy Service, Inc. for an initial franchise fee of $50,000. Of this amount, $10,000 was paid when the agreement was signed, and the balance is payable in 4 annual payments of $10,000 each, beginning January 1, 2021. The agreement provides that the down payment is not refundable and no future services are required of the franchisor. The present value at January 1, 2020, of the 4 annual payments discounted at 10% (the implicit rate for a loan of this type) is $31,700. The agreement also provides that 4% of the revenue from the franchise must be paid to the franchisor annually. Cheyenne’s revenue from the franchise for 2020 was $900,000. Cheyenne estimates the useful life of the franchise to be 10 years. (Hint:You may want to refer to Chapter 18 to determine the proper accounting treatment for the franchise fee and…
- On January 1, 2021, Raquel Company purchased a machine for 3,000,000. The entity received a government grant of 500,000 in respect of this asset. The policy is to depreciate the asset over 5 years on a straight line basis and to treat the grant as deferred income. On January 1, 2023, the grant became fully repayable because of non compliance with conditions. Required: Prepare journal entries for 2021, 2022 and 2023.Information concerning Haengbok's intangible assets is as follows. 1. On January 1, 2019, Haengbok signed an agreement to operate as a franchisee of CHIR DAK for an initial franchise fee of $150,000. Of this amount, $30,000 was paid when the agreement was signed, and the balance is payable in annual payments of $30,000 each, beginning January 1, 2020. The agreement provides that the down payment is not refundable and no future services are required of the franchisor. The present value at January 1, 2019, of the four annual payments discounted at 14% (the implicit rate for a loan of this type) is $87,400. Haengbok estimates the useful life of the franchise to be 10 years. 2. Haengbok incurred $130,000 of experimental and development costs in its laboratory to develop a patent that was granted on January 2, 2019. Legal fees and other costs associated with registration of the patent totaled $35,200. Haengbok estimates that the useful life of the patent will be 8 years. The patent has yet…At the beginning of current year, Darwin Company purchased a plating machine for 5,400,000. The entity received a government grant of 400,000 toward this capital cost. The machine is to be depreciated on a 20% reducing balance basis over 10 years. The estimated residual value is P200,000. Required: Prepare journal entries for the current year, assuming the grant is accounted for as deferred income and deduction from asset.
- Keshia Company purchased a machine for P3,000,000 on January 1, 2022. The entity received a government grant of P500,000 in respect to this asset. The policy is to depreciate the asset over five years on a straight line basis and to treat the grant as deferred income. On January 1, 2024, the grant became fully repayable because of noncompliance with conditions. What is the loss on repayment of grant in 2024? A. 500,000 В. 300,000 С. 200,000 D. 100,000On July 1, 2021, Company A purchased land and buildings and agreed to rent the facility to a non-affiliated company on a month-by- month basis. Pertinent details follow: i. The company paid 6.0million fortheinvestmentpropertyplus200,000 in related legal fees. The purchase price was allocated 80% to the building and 20% to the land. ii. The estimated useful life of the building is 30 years at which time the salvage value is expected to be $0. iii. The company uses the straight-line method to depreciate all depreciable assets. iv. An appraisal valued the investment property at $6.4 million as at December 31, 2021, year-end-5.1millionbuildingand1.3 million land. Required (1) Prepare the journal entry to record the purchase of the property. (2) Prepare the year-end adjusting entries for 2021 assuming that the company elects to use the cost model to account for investment property. (3) Prepare the year-end adjusting entries for 2021 assuming that the company elects to use the fair value…Information concerning Sandro Corporation's intangible assets is as follows. 1. On January 1, 2020, Sandro signed an agreement to operate as a franchisee of Hsian Copy Service, Inc. for an initial franchise fee of $75,000. Of this amount, $15,000 was paid when the agreement was signed, and the balance is payable in 4 annual payments of $15,000 each, beginning January 1, 2021. The agreement provides that the down payment is not refundable and no future services are required of the franchisor. The present value at January 1, 2020, of the 4 annual payments discounted at 14% (the implicit rate for a loan of this type) is $43,700. The agreement also provides that 5% of the revenue from the franchise must be paid to the franchisor annually. Sandro's revenue from the franchise for 2020 was $900,000. Sandro estimates the useful life of the franchise to be 10 years. (Hint: You may want to refer to Chapter 18 to determine the proper accounting treatment for the franchise fee and payments.) 2.…