On January 11, 2022, The Hughes Company applied for a tradename. Legal costs associated with the application were P20,000. In January 2023, the company incurred P8,000 of legal fees in a successful defense of its tradename. The tradename was not impaired in 2022 and 2023.   Required           Compute the ending carrying value of the tradename for 2022 and 2023. Should thecompany amortize the tradename?

Novaklimited has a trademark with a carrying amount of $84,000, and expected useful life of 15 years. As part on December 31, 2020, due to a change in customer tastes, Novak gathered the following data about the trademark for the purposes of an impairment test: fair value $44,400: fair value less costs to sell $41.100; value in use $95,700; and undiscounted future cash flows $129,000. Assume that Novak is reporting under IFRS. Determine if the trademark is impaired on December 31, 2020. Trademark is

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Robertson Company had purchased an equipment on January 1, 2019 for P 4,800,000. The entity used the straight-line method of depreciation based on a ten-year estimated useful life with no residual value. During 2022, the entity decided that the equipment would be used only three more years and then replaced with a technologically superior model. What entry should be made on January 1, 2022 to reflect the change? a. Debit other comprehensive income and credit accumulated depreciation, P 480,000. b. Debit depreciation and credit accumulated depreciation, P 560,000. c. Debit retained earnings and credit accumulated depreciation, P 480,000. d. No entry

Your answer is partially correct, costs of $171, 720 in successfully defending the patent in an infringement suit, manually. List all debit entries before credit entries.) Date Account Titles and Explanation December 31, 2025 Amortization Expense Patents Debit Credit Credit.

On December 31, 2019, Aquinas Company had equipment that had a carrying amount of $300,000 which the company wrote down to its $250,000 fair value. At the end of 2020 it was determined that the fair value of the equipment had risen to $320,000. At December 31, 2020, assuming Aquinas does not intend to dispose of the equipment, how should Aquinas record the change in fair value of the equipment? A. The carrying amount of the equipment should not change except for the depreciation taken in 2020. B. The equipment should reflect the new cost basis of $300,000. C. The equipment should reflect the new cost basis of $320,000. D. The equipment should reflect the new cost basis of $270,000.

During the 2021/2022 financial year, the company had following events. On 1 April 2022, ABC Industry purchased additional 30,000 allowances on the market as the initially granted emission allowances seemed insufficient to settle their obligations (emission liabilities). On this date, the fair value of an allowance was $60. 1) How to recognise the Purchased emission allowances? As an intangible asset, inventory, debtor? Your team need to explain why the emission allowances should be recognised as such.