Broadsystems designs websites and writes bespoke software. It disclosed in its financial statements $15 million of music and screen production rights which it had acquired via the purchase of another subsidiary. The group policy is to classify this intangible as current assets under inventory. Further, during the current financial period, the group has capitalised its domain names acquisition costs of $1 million within tangible non-current assets, and revalued the asset to $3 million.   Evaluate and comment the accounting treatment of Broadsystems.

W Co. acquired the intangible assets listed below for a total lump sum price of P400,000. Intangible asset Service mark Order and production backlogs In-house research and development Fair value P160,000 120,000 80,000 120,000 How much is the initial measurement of the masthead? Masthead Your answer On January 1, 20x1, M Co. incurred P500,000 in registering a patent. It was initially estimated that the useful life of the asset is 20 years, equal to its legal life. However, on January 1, 20x6, M assessed that the useful life of the patent was only 15 years starting on the date of registration. How much is the amortization expense in 20x6? Your answer

During the last decades it has not been unusual for the premium paid to acquire a company to be greater than the fair value of its tangible net assets. This increase in the relative proportions of intangible assets has made the accounting practices for them all the more important. During the same period many companies have spent a great deal of funds to internally develop new intangible assets such as software and brands. IAS 38 Intangible Assets prescribes the accounting treatment for intangible assets. Required: In accordance with IAS 38 Intangible Assets, discuss whether intangible assets should be recognized and if so how they should be initially recognized, and if so how they should be initially recorded and subsequently amortized in the following circumstances: 1. When they are purchased separately from other assets 2. When they are obtained as part of acquiring a business 3. When they are developed internally

PLTO Ltd. is considering purchasing the net assets of Ivanhoe Corporation. Following is the statement of financial position of Ivanhoe as at December 31, 2023: Ivanhoe Corporation Statement of Financial Position As at December 31, 2023 Current assets Buildings and equipment Accumulated depreciation Land Total assets Current liabilities Common shares Retained earnings Total equities Current assets Building and equipment Land Following are the fair values for Ivanhoe's net assets, as at December 31, 2023: Current liabilities $230,400 754,000 (108,000) 169.000 Value of goodwill $1,045,400 $187,000 582,000 276,400 $1,045,400 $ Calculate the value of goodwill that would be acquired by PLTO if it offered $2,061,600 for the net assets of Ivanhoe. $224,500 488,400 309,700 (166,000) $856,600

Oriole Manufacturing Corp. decided to expand further by purchasing the net assets of Sheridan Manufacturing Corp. Sheridan's statement of financial position at December 31, 2023 includes the following information: Cash Receivables Inventory Plant assets (net) Accounts Payable $242000 455000 278600 1029000 $326000 An appraisal indicates that the fair value of the inventory is $323000 and the fair value of the plant assets is $1231000. What value is allocated to goodwill if Oriole purchases Sheridan for $3042000? O nil, there is no goodwill O $706400 O $1433400 O $1117000

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Hoolia Corporation acquires equipment and patents from another company for $50 million and records the acquisition as an asset acquisition. The equipment has a fair value of $19.20 million and the patents have a fair value of $28.80 million. Neither asset is nonqualifying. At what value does Hoolia record the equipment? Select one: a. $25.0 million b. $20.0 million c. $21.2 million d. $19.2 million

Dontelli Enterprises began operations on July 1, 2012, as a manufacturer of heat sensitive valves used in the plumbing industry. Effective at the beginning of 2014, Platco, an American company, acquired an 80% interest in Dontelli paying 400,000 FC. Of the purchase price in excess of book value, 42,000 FC was allocated to patents having a remaining useful life of 10 years and the balance was allocated to goodwill. It has been determined that the functional currency is the FC.Dontelli’s condensed trial balances, expressed in FC, at selected rates are as follows:(attached)Additional equipment was purchased on April 1, 2015. Dividends were paid on June 30 of 2014 and 2015. At the end of 2015, goodwill traceable to the acquisition of Dontelli was tested for impairment, and accordingly, the goodwill was written down by 20%. Calculate the balance of the cumulative translation adjustment as of year-end 2014 and 2015. Given the consolidated income statement for years 2014 and 2015, determine…