Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN: 9781337788281
Author: James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher: Cengage Learning
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Chapter 12, Problem 13GI
Over how many years are patents amortized? Trademarks?
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over what period of time should the cost of a patent aquired by purchased be amortized?
A purchased patent has a remaining legal life of 15 years. It should:
a. be expended in the year of acquisition
b. be amortized over 15 years regardless of its useful life
c. be amortized over its useful life if less than 15 years
d. not be amortized
A purchased patent has a remaining legal life of'15 year's. It should: a. be expensed year of acquisitionb. be amortized over 15 years regardless of its useful life c. be amortized over its useful life if less than 15 years d. not be amortized
Chapter 12 Solutions
Intermediate Accounting: Reporting And Analysis
Ch. 12 - Prob. 1GICh. 12 - Prob. 2GICh. 12 - Prob. 3GICh. 12 - Prob. 4GICh. 12 - Prob. 5GICh. 12 - Prob. 6GICh. 12 - Prob. 7GICh. 12 - What activities are included in RD? Which are...Ch. 12 - What elements of RD activities does a company...Ch. 12 - How does a company record a patent worth 100,000...
Ch. 12 - Prob. 11GICh. 12 - Prob. 12GICh. 12 - Over how many years are patents amortized?...Ch. 12 - Prob. 14GICh. 12 - Prob. 15GICh. 12 - Prob. 16GICh. 12 - Prob. 17GICh. 12 - Prob. 18GICh. 12 - Prob. 19GICh. 12 - Prob. 20GICh. 12 - What is the proper time or time period over which...Ch. 12 - Prob. 2MCCh. 12 - Prob. 3MCCh. 12 - Which of the following assets typically are...Ch. 12 - Prob. 5MCCh. 12 - Prob. 6MCCh. 12 - Prob. 7MCCh. 12 - Prob. 8MCCh. 12 - Prob. 9MCCh. 12 - Prob. 10MCCh. 12 - Steel Magnolia Incorporated purchased a trademark...Ch. 12 - Match the following items with correct accounting...Ch. 12 - Notting Hill Company incurred the following costs...Ch. 12 - Hook Corp. incurred the following start-up costs,...Ch. 12 - Mystic Pizza Company purchased a patent from Prime...Ch. 12 - Mystic Pizza Company purchases a franchise from NY...Ch. 12 - Prob. 7RECh. 12 - Prob. 8RECh. 12 - Prob. 9RECh. 12 - Prob. 10RECh. 12 - Prob. 1ECh. 12 - On January 4, 2019, Franc Company purchased for...Ch. 12 - On January 11, 2019, Hughes Company applied for a...Ch. 12 - Gansac Publishing Company signed a contract with...Ch. 12 - Prob. 5ECh. 12 - Prob. 6ECh. 12 - KLK Clothing Company manufactures professional...Ch. 12 - Cressman Company incurred RD costs for various...Ch. 12 - In 2019, Lalli Corporation incurred RD costs as...Ch. 12 - Kling Company was organized in late 2019 and began...Ch. 12 - Prob. 11ECh. 12 - Prob. 12ECh. 12 - Prob. 13ECh. 12 - Prob. 14ECh. 12 - Prob. 15ECh. 12 - Prob. 16ECh. 12 - Company is considering purchasing EKC Company....Ch. 12 - Prob. 18ECh. 12 - Prob. 19ECh. 12 - Prob. 20ECh. 12 - Prob. 1PCh. 12 - Prob. 2PCh. 12 - Prob. 3PCh. 12 - Halpern Companys controller prepared the following...Ch. 12 - Prob. 5PCh. 12 - Prob. 6PCh. 12 - Hamilton Companys balance sheet on January 1,...Ch. 12 - Prob. 8PCh. 12 - Lee Manufacturing Corporation was incorporated on...Ch. 12 - Information concerning Tully Corporations...Ch. 12 - Prob. 11PCh. 12 - In examining Samson Manufacturing Companys books,...Ch. 12 - Prob. 2CCh. 12 - Prob. 3CCh. 12 - Prob. 4CCh. 12 - On June 30, 2019, your client, Sprauge...Ch. 12 - Prob. 6CCh. 12 - NBC paid 401 million for the rights to televise...Ch. 12 - Prob. 8C
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- How much is the amortization of patent for the year 2021? Provide a detailed answer.arrow_forwardRequirements: a. How much would Lexicon record as amortization expense for this patent for the year ending December 31, 20x5? b. How much is the carrying of the patent on December 31, 20x5?arrow_forwardWhy would a firm amortize patent over fewer years than the patent’s lifearrow_forward
- How much is the loss taken to profit or loss during 2020 relating to the derecognition of Patent?arrow_forwardwhen i calculate the amortization of the patent of Jan.2, why is it 45,000*1/9, instead of 45,000*1/10?arrow_forwardCompute for the carrying amount of patents on December 31, 2021arrow_forward
- 1. Copyrights should be amortized over a. their legal life. b. the life of the creator plus fifty years. c. twenty years. d. their useful life or legal life, whichever is shorter. *explain why each choices. why is it incorrect or why is it the correct answer.arrow_forwardWhich of the following statements concerning intangibles is true? a. a copyright should be considered an intangible with an indefinite lifeb. organization costs must be expensed as incurredc. a patent should be amortized over the shorter of the inventor’s life or its economic lifed. the registration of a trademark or tradename lasts for 20 years and is nonrenewablearrow_forwardA patent: A. Gives its owner the exclusive right to publish and sell a musical or literary work during the life of the creator plus 70 years.B. Gives its owner an exclusive right to manufacture and sell a patented item or to use a process for 20 years.C. Gives its owner an exclusive right to manufacture and sell a device or to use a process for 50 years.D. Is the amount by which the value of a company exceeds the fair market value of a company's net assets if purchased separately.E. Gives its owner the exclusive right to publish and sell a musical or literary work during the life of the creator plus 17 years.arrow_forward
- What amount should be charged to patent amortization expense for the year ended December 31, 2018?arrow_forwardThe cost of a copyright should? A. not be amortized and the cost should be capitalized as an asset with indefinite life. B. amortized over a period not to exceed the life of the author plus 50 years. C. be amortized over a period not to exceed 20 years, unless the right is renewed. D. be amortized over a period not to exceed its economic life.arrow_forward*Cost of Patent is * Cost of trademark is *Carrying amount of Intangible Assets at Dec. 31, 2020 will be: (round off to the nearest peso)arrow_forward
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