The following information relates to the intangible assets of Lettuce Express: a. On January 1, 2021, Lettuce Express completed the purchase of Farmers Produ fair value of the identifiable net assets of Farmers Produce was $1,350,000. b. Included in the assets purchased from Farmers Produce was a patent for a me $45,000. The original legal life of the patent was 20 years. There are still 17 ye Express estimates the patent will be useful for only 10 more years. c. Lettuce Express acquired a franchise on July 1, 2021, by paying an initial franch life of the franchise is seven years.
The following information relates to the intangible assets of Lettuce Express: a. On January 1, 2021, Lettuce Express completed the purchase of Farmers Produ fair value of the identifiable net assets of Farmers Produce was $1,350,000. b. Included in the assets purchased from Farmers Produce was a patent for a me $45,000. The original legal life of the patent was 20 years. There are still 17 ye Express estimates the patent will be useful for only 10 more years. c. Lettuce Express acquired a franchise on July 1, 2021, by paying an initial franch life of the franchise is seven years.
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 8P
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