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.

Question 1: If you inherited a parcel of forested land and were deciding whether to sell it and buy federal government bonds now or keep the land for a few years and sell it, how would you arrive at your final course of action?

Herb Scholl, the owner of Scholl’s Company, wonders whether interest costs associated with developing land can ever be capitalized. What does the Codification say on this matter?

Determine whether the following intangible assets should be amortized, and determine the length of each asset’s useful life. If the asset should not be amortized, please provide an explanation clarifying this. Asset Should it be amortized? If yes, what is its useful life? If no, please explain why 1) A patent on a new medication with a legal life of 20 years.       A patent on a type of manufacturing equipment with a legal life of 20 years.  The equipment is expected to be obsolete within  5 years.       3) We purchased the trademarks for Supreme Coffee.     4) We purchased a 15 year Tasty Treats Franchise for the Vaughan territory.     5) We purchased another company for the value of its Owner’s Equity plus Goodwill of $200,000.

Exercise 8-26 (Algorithmic) (LO. 7) On October 1, 2021, Verónica purchased a business. Of the purchase price, $78,000 is allocated to a patent and $468,000 to goodwill. If required, round your intermediate values to nearest dollar and use in subsequent computations. Calculate Verónica's 2021 § 197 amortization deduction.

Land is not depreciated for all the reasons below except: Question 21 options: useful life is indefinite. land does not get used up. both answers are correct. none of the answers are correct.

QUESTION 17 Match the term on the left to the appropriate description on the right. v Historical cost A. The amount of a PP&E asset's acquisition cost that will be depreciated over the asset's useful life v Depreciable cost B. An asset whose value derives from rights and privileges rather than physical existence v Salvage value v Accumulated depreciation C. The capitalized acquisition cost of an asset v Intangible asset v Amortization D. The process of allocating an intangible asset's acquisition cost to expense over its useful life E. The book value of a fully-depreciated PP&E asset F. The total amount of depreciation expense that has been recorded to-date for a PP&E asset

01. Martin owns land that is classified as PPE. The land has previously been valued at cost. The land will be revalued using the revaluation model to its fair value on December 31 (the company's year-end). Before revaluation, the land's carrying value was $100,000. The fair value is $125,000 as of December 31, 2021. What journal entry is required to record the revaluation? What entry would've been made if the fair value on December 31, 2022, is $90,000? 02. 1,000,000 of XYZ's no-par common shares were initially offered at a price of $13, Later, XYZ bought back 6,000 shares of these shares at $ 17 a share. XYZ is incorporated under the Canada business corporation Act and therefore retired these shares. Requirement Record the retirement of the shares. 03. ABC. declare a dividend of $100,000 and pays it all at once. Provide the journal entry needed to document the $100,000 dividend if: The dividend is paid in cash The dividend is paid in company stock (stock dividend)

This topic is about borrowing costs. based on the problem in the picture, Please choose the letter of the correct answer below; How much borrowing costs are capitalized to the cost of the constructed qualifying asset? a. 1,045,000b. 970,900c. 1,026,667d. 920,000 How much is the cost of the qualifying asset on initial recognition? a. 13,010,000b. 15,045,000c. 14,920,000d. 14,970,900

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