Please don't answer in image format.. thanku Sunland Company has a December 31 fiscal year end. Selected information follows for Sunland Company for two independentsituations as at December 31, 2024:1.2Sunland purchased a patent from Splish Brothers Inc. for $429,000 on January 1, 2021. The patent expires on January 1,2029. Sunland has been amortizing it over its legal life. During 2024, Sunland determined that the patent's economic benefitswould not last longer than six years from the date of acquisition.Sunland has a trademark that had been purchased in 2017 for $265,000. During 2023, the company spent $50,000 on alawsuit that successfully defended the trademark. On December 31, 2024, it was assessed for impairment and therecoverable amount was determined to be $286,000. For each of these assets, determine the amount that will be reported on Sunland's December 31, 2023 and 2024, balance sheets(Round answers to O decimal places, e.g. 5,276)Patent$Trademark $December 31, 2023$December 31, 2024

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Sunland Company has a December 31 fiscal year end. Selected information follows for Sunland Company for two independent situations as at December 31, 2024: 1. Sunland purchased a patent from Splish Brothers Inc. for $429,000 on January 1, 2021. The patent expires on January 1. 2029. Sunland has been amortizing it over its legal life. During 2024, Sunland determined that the patent's economic benefits would not last longer than six years from the date of acquisition. 2. Sunland has a trademark that had been purchased in 2017 for $265,000. During 2023, the company spent $50,000 on a lawsuit that successfully defended the trademark. On December 31, 2024, it was assessed for impairment and the recoverable amount was determined to be $286,000.

Sunland Company has a December 31 fiscal year end. Selected information follows for Sunland Company for two independent situations as at December 31, 2024: 1. Sunland purchased a patent from Splish Brothers Inc. for $429,000 on January 1, 2021. The patent expires on January 1. 2029. Sunland has been amortizing it over its legal life. During 2024, Sunland determined that the patent's economic benefits would not last longer than six years from the date of acquisition. 2. Sunland has a trademark that had been purchased in 2017 for $265,000. During 2023, the company spent $50,000 on a lawsuit that successfully defended the trademark. On December 31, 2024, it was assessed for impairment and the recoverable amount was determined to be $286,000.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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