On January 1, 2024, Lanny, Inc. purchased a copyright for $410,000 cash. The copyright is expected to have a useful life of 25 years. The copyright has no residual value. What is the value of the copyright on the books at the end of 2028? O A) $16,400 B) $328,000 C) $164,000 D) $82,000

Taylor Swift Corporation purchases a patent from Salmon Company on January 1, 2017, for $54,000. The patent has a remaining legal life of 16 years. Taylor Swift feels the patent will be useful for 10 years. Prepare Taylor Swift’s journal entries to record the purchase of the patent and 2017 amortization.

Myron Corp has the following information available related to the equipment it uses in its business.  Description Information Purchase Date January 1, 2020 Original Capitalized Cost $800,000 Original Useful Life 5 years Original Residual Value $40,000 On January 1, 2022, Myron made $100,000 worth of extraordinary repairs on this equipment. It financed these repairs by taking out a two-year, 12% note. These repairs are expected to extend the useful life of the equipment by an additional three (3) years past its original five (5) year life (to a new total life of 8 years). There is no change expected to the asset’s residual value. Myron uses the straight-line depreciation method for all its depreciable assets. Part A: Record the journal entry Myron should make on 1/1/22 for the cost of the extraordinary repair.

On January 1, 2007, Taft Co. purchased a patent for 714,000. The patent is being amortized over its remaining legal life of fifteenyears expiring on January 1, 2022. During 2010, Taft determined that the economic benefits of the patent would not last longer than ten years from the date of acquisition. What amount should be reported in the balance sheet for the patent, net of accumulated amortization, at December 31, 2010?a.428,400b.489,600c.504,000d.523,600

On January 1, 2019, MLW Company purchased a copyright for $1,000,000, having an estimated useful life of 16 years. In January 2023, MLW paid $150,000 for legal fees in a successful defense of the copyright. What should be the amount of copyright amortization expense for the year ended December 31, 2023?

D1.

On October 12, 2023, Simarov, Inc. purchases a Copyright to a song, written by a person who died on October 12, 1963 for $50,000 cash. Simarov believes they will be able to generate revenue from the Copyright for the remaining useful life. Prepare the journal entry to record the purchase. DR: CR: What is the remaining useful life of the Copyright? How much amortization expense will Simarov record each year? years Prepare the adjusting journal entry to record one year's amortization. DR: CR: What is the Net Book Value of the Copyright on October 1, 2027?

Indigo Corporation purchases a patent from Sandhill Company on January 1, 2020, for $54,000. The patent has a remaining legal life of 12 years. Indigo feels the patent will be useful for 10 years. Prepare Indigo’s journal entries to record the purchase of the patent and 2020 amortization.

Robotix Company purchases a patent for $21,000 on January 1. The patent is good for 18 years, after which anyone can use the patent technology. However, Robotix plans to sell products using that patent technology for only 5 years. Prepare the intangible asset section of the year end balance sheet after amortization expense for the year is recorded.

On January 2, 2025, Ivanhoe Co. bought a trademark from Rice, Inc. for $1641000. An independent research company estimated that the remaining useful life of the trademark was 10 years. Its unamortized cost on Rice's books was $1969200. Ivanhoe expects that the trademark will produce 25% of its cash flows in year 1, 20% in year 2, 15% in year 3, and 10% in the remaining years. In Ivanhoe's 2025 income statement, what amount should be reported as amortization expense? Select answer from the options below - $410250 $318200 $273500 $164100