INTERMEDIATE ACCOUNTING-LL W/CONNECT
10th Edition
ISBN: 9781264009206
Author: SPICELAND
Publisher: MCG
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Chapter 10, Problem 10.17E
Nonmonetary exchange
• LO10–6
[This is a variation of the previous exercise.]
Required:
Assume the same facts as in Exercise 10–16 except that Bronco received $10,000 from the owner of the equipment to complete the exchange.
1. What is the fair value of the equipment?
2. Prepare the
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Multiple Choice
Which of the following statements
is false regarding PATENT
[technology-based intangible asset]?
The cost of a patent includes purchase price
and any directly attributable expenditure
incurred in acquiring the patent and putting it
into use.
O All related research & development
expenditures for an internally developed
patent are generally expensed as incurred.
Legal fees and litigation costs of successfully
defending a patent are capitalized as part of
the cost of patent.
Patents should be amortized over the legal
life or useful life, whichever is shorter.
9 of 25
レ
Q12
Which of the following is correct in a regular way purchase (or sale) of a financial asset?
Select one or more:
a. The trade date should always coincide with the settlement date.
b. Settlement should be effected within seven workings days always
c. Purchasing and selling of securities should be done according to the terms and conditions stipulated by the traders.
d. The asset should be delivered within the time frame established generally by regulation or convention in the marketplace concerned.
q24
Which of the following is NOT a step in impairment testing?
Select one:
a. Calculate the asset’s carrying amount in the books of the entity
b. Sell the asset after if the fair value is greater than the recoverable amount
c. Calculate the recoverable amount of the asset
d. Assess whether there are circumstances that may indicate that the asset should be impaired.
Chapter 10 Solutions
INTERMEDIATE ACCOUNTING-LL W/CONNECT
Ch. 10 - Prob. 10.1QCh. 10 - Prob. 10.2QCh. 10 - Prob. 10.3QCh. 10 - Prob. 10.4QCh. 10 - Prob. 10.5QCh. 10 - Prob. 10.6QCh. 10 - When an asset is acquired and a note payable is...Ch. 10 - Explain how assets acquired in exchange for equity...Ch. 10 - Prob. 10.9QCh. 10 - What account is credited when a company receives...
Ch. 10 - Prob. 10.11QCh. 10 - Identify the two exceptions to valuing property,...Ch. 10 - In what situations is interest capitalized?Ch. 10 - Define average accumulated expenditures and...Ch. 10 - Explain the difference between the specific...Ch. 10 - Prob. 10.16QCh. 10 - Prob. 10.17QCh. 10 - Explain the accounting treatment of costs incurred...Ch. 10 - Explain the difference in the accounting treatment...Ch. 10 - Prob. 10.20QCh. 10 - Prob. 10.21QCh. 10 - Prob. 10.22QCh. 10 - Prob. 10.23QCh. 10 - Acquisition cost; machine LO101 Beavert on Lumber...Ch. 10 - Prob. 10.2BECh. 10 - Prob. 10.3BECh. 10 - Cost of a natural resource; asset retirement...Ch. 10 - Asset retirement obligation LO101 Refer to the...Ch. 10 - Prob. 10.6BECh. 10 - Prob. 10.8BECh. 10 - Prob. 10.11BECh. 10 - Nonmonetary exchange LO106 Refer to the situation...Ch. 10 - Nonmonetary exchange LO106 Refer to the situation...Ch. 10 - Prob. 10.14BECh. 10 - Prob. 10.15BECh. 10 - Research and development LO108 Maxtor Technology...Ch. 10 - Prob. 10.18BECh. 10 - Prob. 10.19BECh. 10 - Research and development; various types LO108...Ch. 10 - Prob. 10.21BECh. 10 - Acquisition cost; equipment LO101 Oaktree Company...Ch. 10 - Prob. 10.3ECh. 10 - Prob. 10.7ECh. 10 - Prob. 10.8ECh. 10 - Acquisition costs; noninterest-bearing note ...Ch. 10 - Prob. 10.11ECh. 10 - Prob. 10.14ECh. 10 - Nonmonetary exchange LO106 [This is a variation...Ch. 10 - Prob. 10.16ECh. 10 - Nonmonetary exchange LO106 [This is a variation...Ch. 10 - Prob. 10.18ECh. 10 - Prob. 10.19ECh. 10 - Prob. 10.20ECh. 10 - FASB codification research LO101, LO106, LO107,...Ch. 10 - Prob. 10.30ECh. 10 - Prob. 10.31ECh. 10 - Prob. 10.32ECh. 10 - Intangibles; start-up costs LO101, LO108 Freitas...Ch. 10 - Prob. 10.1PCh. 10 - Prob. 10.4PCh. 10 - Acquisition costs; journal entries LO101, LO103,...Ch. 10 - Prob. 10.6PCh. 10 - Prob. 10.8PCh. 10 - Prob. 10.9PCh. 10 - Judgment Case 101 Acquisition costs LO101, LO103,...Ch. 10 - Judgment Case 104 Interest capitalization LO107...Ch. 10 - Prob. 10.6DMPCh. 10 - Prob. 10.7DMPCh. 10 - Judgment Case 108 Research and development LO108...Ch. 10 - Prob. 10.9DMPCh. 10 - Prob. 10.11DMPCh. 10 - Prob. 10.13DMPCh. 10 - Prob. 10.15DMPCh. 10 - Prob. 10.16DMP
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- q19 Which statement is INCORRECT regarding recognition of intangible assets? Select one: a. An intangible asset should be initially recorded at cost. b. An intangible asset acquired in exchange of another asset can be recognized at the fair value of the asset given up in exchange. c. An intangible asset can only be recognized if its cost can be measured reliably. d. An intangible asset can be recorded at its fair value if its cost cannot be ascertained.arrow_forward4G+ 12:42 PM 0.4KB/s O l 61 00:18:04 Remaining Multiple Choice Which of the following statements is false regarding FRANCHISE [contract-based intangible asset)? Franchise agreements may be made between the government and private entities The cost of franchise includes the initial franchise fee and related legal fees Franchise should be amortized over contract term or useful life, whichever is longer Periodic or continuing franchise fee should be expensed in the period incurred 22 of 25 レarrow_forward12:25 Assignment Details BSA_2102 : Intermediate Accounting 1 & 2 4. What are the conditions for classfiication as held for sale? 5. Explain the term highly probable. 6. Explain the measurement of noncurrent aset classified as held for sale. 7. Explain the writedowin of the noncurrent asset to fair value less cost of disposal any subsequent increase in fair value. 8. What is the treatment of abandoned and temporarily abandoned noncurrent asset or disposal group? 9. Explain the treatment of a change in classification of a noncurrent asset classified as held for sale. 10. Explain the presentation of noncurrent asset classified as held for sale in the statement of financial position. Submit Assignment Dashboard Calendar To Do Notifications Inbox 因arrow_forward
- Q23 Which of the following statement(s) is (are) true? (i) An intangible asset is impaired if the carrying amount is higher than its recoverable amount (ii) Recoverable amount is the asset’s fair value or its value-in-use at the reporting date. (iii) For an intangible asset with infinite useful life, impairment test should be performed only if there is evidence to indicate that an intangible asset has been impaired. (iv) For an intangible asset with finite useful life, impairment test should be performed annually even if there is no evidence that the asset has been impaired. Select one: a. (i), (ii), (iii) and (iv) b. (i) and (ii) only c. (i) and (iv) only d. (i) onlyarrow_forward4 4 Skipped eBook Check my won In comparing U.S. GAAP and International Financial Reporting Standards (IFRS) with regard to a basis for measurement of a noncontrolling interest, which of the following is true? Multiple Choice O U.S. GAAP requires acquisition-date fair value measurement and IFRS requires the acquiree's identifiable net asset fair value measurement. О U.S. GAAP and IFRS both require acquisition-date fair value measurement. О U.S. GAAP and IFRS both require the acquiree's identifiable net asset fair value measurement.arrow_forwardQuestion # 10 a. Over what period of time should the cost of a patent acquired by purchased be amortized? b. In general, what is the required accounting treatment for research and development costs? c. How should goodwill be amortized? they all come together is for question #10arrow_forward
- A person who transfers a negotiable instrument to another for consideration warrants all but which of the following? Multiple Choice 235 42,678 That the instrument has not been altered. That he or she is unaware of insolvency proceedings against the maker, acceptor, or drawer of the instrument. That the instrument is not subject to be garnished. That the signatures on the instrument are authentic and authorized. FEB 21arrow_forward0.2KB/s O 68 4G+ 12:18 PM O 00:41:23 Remaining Multiple Choice Which of the following is part of the PAS 38's definition of intangible assets? Future economic benefits Without physical substance Controlled by the entity Identifiable monetary assets 13 of 25arrow_forwardRece vable Question 2 of 18 For trade receivables, the fair value is deemed equal to the Select the correct response: O the amount due from the buyer without adjustment for any trade discounts allowed the price in a binding sale agreement exchange price between a seller and a buyer after taking into account the amount of any trade discounts and volume rebates allowed by the entity. the quoted price of the receivable in an active market < Previousarrow_forward
- Question 6 of 30. Which of the following items increases the basis of property received in a partially nontaxable exchange? O Cash paid in the exchange. Cash received in the exchange. Liabilities transferred. Recognized loss on the taxable portion of the exchange.arrow_forwardQ10 Which of the following statement is NOT correct? Select one: a. When the carrying amount of an asset is less than the recoverable amount, then an asset should have its previous impairments reversed to the value of the recoverable amount provided there is accumulated amortization to cover the difference. b. The difference between the carrying amount of an asset and the recoverable is the impairment loss if the carrying amount is greater. c. When the carrying amount of an asset is greater than the recoverable amount, then an asset should be impaired to the value of the recoverable amount d. The difference between the carrying amount of an asset and the recoverable is the impairment loss if the carrying amount is less.arrow_forwardq23 Which of the following is not a requirement for the recognition of an intangible asset? Select one: a. It should ONLY be used by the entity in its productive and administrative processes b. It can be sold separately from the entire business c. It should be identifiable and separable. d. It should be non-monetary and should not have physical substancearrow_forward
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