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A trademark was purchased from Jordan Company for P120,000 on July 1, 20x1. Expenditures for
successful litigation in defense of the trademark totaling P30,000 were paid on July 1, 20x4.
Management estimates that the useful life of the trademark will be 20 years from the date of acquisition
8. What is the carrying amount of the trademark on December 31, 20x4?
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- The following intangible assets were purchased by Goldstein Corporation: A. A patent with a remaining legal life of twelve years is bought, and Goldstein expects to be able to use it for seven years. B. A copyright with a remaining life of thirty years is purchased, and Goldstein expects to be able to use it for ten years. For each of these situations, determine the useful life over which Goldstein will amortize the intangible assets.For each of the following unrelated situations, calculate the annual amortization expense and prepare a journal entry to record the expense: A. A patent with a seventeen-year remaining legal life was purchased for $850,000. The patent will be usable for another six years. B. A patent was acquired on a new tablet. The cost of the patent itself was only $12,000, but the market value of the patent is $150,000. The company expects to be able to use this patent for all twenty years of its life.On January 1, 20X0, Vick Company purchased a trademark for $400,000, which had an estimated useful life of 16 years. On January 1, 20X4, Vick paid $60,000 for legal fees in a successful defense of the trademark. Required: How much should Vick record as trademark amortization expense for 20X4
- On January 1, 2021, ABC Co. reported patent cost of P1,920,000 and related accumulated amortization of P240,000. The patent was purchased on January 1, 2019 at which date the remaining legal life was 16 years. On January 1, 2021, the useful life of the patent was determined to be only 8 years from the date of acquisition. On January 1, 2021, ABC Co. paid P800,000, of which three-fourths was for a trademark and one-fourth was for the other entity’s agreement not to compete for a 5-year period in the line of business covered by the trademark. ABC Co. considered the life of the trademark indefinite. Moreover, ABC Co. agreed to pay P50,000 to the other entity as consulting fee each year for 5 years payable every January 1. What is the total carrying amount of intangible assets on December 31, 2021?Drexler incurred P234,000 of experimental and development costs in its laboratory to develop a patentwhich was granted on January 2, 20x4. Legal fees and other costs associated with registration of thepatent totaled P49,200. Management estimates that the useful life of the patent will be eight (8) years. 7. What is the carrying amount of the patent on December 31, 20x4?Blue Co. purchased a patent from the inventor for $36,000 on March 1, 20X6. Blue Co.’s fiscal year-end is December 31 each year. On the March 1, 20X6 purchase date, the remaining legal life of the patent was 6 years based on the original legal life of 20 years less 14 years since the patent was registered. Also on the March 1, 20X6 purchase date, the estimated remaining useful life of the patent for Blue Co.’s purposes is 3 years. Blue Co. amortizes patent costs in the year of acquisition for the portion of the year the patent was held. What is the patent’s book or carrying value as of December 31, 20X7? a. $14,000 b. $12,000 c. $22,000 d. $10,000
- On January 1, 2021, Ebasan reported patent cost of P1,920,000 and related accumulated amortization of P240,000. The patent was purchased on January 1, 2019 at which date the remaining legal life was 16 years. On January 1, 2021, the useful life of the patent was determined to be only & years from the date of acquisition. On January 1, 2021, Ebasan paid P800,000, of which three-fourths was for a trademark and one-fourth was for the other entity's agreement not to compete for a 5-year period in the line of business covered by the trademark. The entity considered the life of the trademark indefinite. Moreover, the entity agreed to pay P50,000 to the other entity as consulting fee each year for 5 years payable every January 1. What is the total carrying amount of intangible assets on December 31, 2021?On January 1, Year 1, Stiller Company paid $192,000 to obtain a patent. Stiller expected to use the patent for 5 years before it became technologically obsolete. The remaining legal life of the patent was 8 years. Based on this information, what is the amount of amortization expense during Year 3 and the book value of the patent as of December 31, Year 3, respectively? Multiple Choice O $24,000 and $72,000 $24,000 and $120.000 $38,400 and $76,800 $38,400 and $115,200Sami company acquired a patent on October 1, 2020. Sami paid cash of $55,000 to the seller. registration fees of $5,000 were paid related to the acquisition. On the same date, Sami paid $5,000 advertising expense. The patent has a useful life of 10 years. What is the amount of patent to be reported at the statement of financial position on 31/12/2021? a- 55000 b- 60000 c- 50000 d- 52500
- Mark Inc. incurred P816,000 of research and development costs in its laboratory to develop a patent which was granted on January 2, 2022. Additional costs of P152,000 were incurred in 'the registration of the patent. The estimated economic life of the patent a eight years.What amount should Mark charge to patent amortization expense for the year ended December 31, 2022? The answer must be 19,000On January 2, 2024, Blue Company bought trademark from ShoesInc. for P300,000. The carrying amount of the trademark in ShoesInc.'s books is P240,000. Case 1: How much is the amortization expense in 2024? Case 2: In addition to the previous facts, an independent researchcompany estimated that the remining useful life of thetrademark was 10 years. How much is the amortizationexpense in 2024?During 2022, Brownie Company incurred research and development cost of P272,000 relating to the patent that was granted on July 1, 2022. Cost of registering the patent is P68,000. The patent legal life is 20 years. However, the management expected that the patent will be useful for 10 years only. On December 31, 2022, what amount should be reported as patent, net of accumulated amortization?
