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.
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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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.
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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