FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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17. For each of the following intangible assets, indicate the amount of amortization expense that should be recorded for the year 2018 and the amount of accumulated amortization on the balance sheet as of December 31, 2018.

 
 
Cost Date of purchase Useful life Legal life Method Trademark $66,000 1/1/11 Indefinite Undefined Straight-line $75,000 1/1/13 Patent 10 years 20 years Straight-line Copyright $96,000 1/1/16 20 years 50 years Straight-line
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Transcribed Image Text:Cost Date of purchase Useful life Legal life Method Trademark $66,000 1/1/11 Indefinite Undefined Straight-line $75,000 1/1/13 Patent 10 years 20 years Straight-line Copyright $96,000 1/1/16 20 years 50 years Straight-line
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Step 2: Computation of the 2018 amortization expense and Accumulated amortization, Dec. 31, 2018:
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