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1. Amortization expense of Patent in 2021 000 VET 000 109 a. P56,000 b. $48,000 16 219226 sidigh to 120J 50100 000, 6 c. 42,000 d. None 000,1019 d 20190S ni noitssitomA 000.19 000,9% d 2. Amortization c. P32,000 a. P80,000 b. None d. 16,000 morts0 Mednisolo as aleaar.eldignetul lo tayoms unis E 3. Amortization expense of Noncompetition agreement in 2021 .6 -- a. P80,000 c. P320,000 008.889 d 000189 b. None expense of Trademark in 2021 000,019 5 Comb. d. P160,000 del waisto reos m 20aneqxs IstoT A 4. Carrying amount of Goodwill as of December 31, 2021.005,119 6 008,S119 b c. P1,600,000 d. 1720,000 008,IST .d a. P800,000 b. P2,400,000 SSOS. LE todmono to 26 atecer aldigarini to nuoms gaivTIE) 2 5. Total carrying amount of the intangible assets as of December 31, 2021. NCP a. $2,600,000 P1,800,000 000.584 c. P2,608,000 d. P2,614,000 STA 000 AT

1. Amortization expense of Patent in 2021 000 VET 000 109 a. P56,000 b. $48,000 16 219226 sidigh to 120J 50100 000, 6 c. 42,000 d. None 000,1019 d 20190S ni noitssitomA 000.19 000,9% d 2. Amortization c. P32,000 a. P80,000 b. None d. 16,000 morts0 Mednisolo as aleaar.eldignetul lo tayoms unis E 3. Amortization expense of Noncompetition agreement in 2021 .6 -- a. P80,000 c. P320,000 008.889 d 000189 b. None expense of Trademark in 2021 000,019 5 Comb. d. P160,000 del waisto reos m 20aneqxs IstoT A 4. Carrying amount of Goodwill as of December 31, 2021.005,119 6 008,S119 b c. P1,600,000 d. 1720,000 008,IST .d a. P800,000 b. P2,400,000 SSOS. LE todmono to 26 atecer aldigarini to nuoms gaivTIE) 2 5. Total carrying amount of the intangible assets as of December 31, 2021. NCP a. $2,600,000 P1,800,000 000.584 c. P2,608,000 d. P2,614,000 STA 000 AT

FINANCIAL ACCOUNTING
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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Azon, Inc. reported other noncurrent asset account balances of 2020, as follows: Patent Accumulated amortization Net Patent P 384,000 (48,000) P 336,000 mber 31, whook +1-ES M begge vsqm) o to nebtalupos erit tot song sqmo) vood Transactions during 2021 and other information relating to Azon's other noncurrent assets included the following: 10.00a,s 0010 The patent was purchased from Ruby Company on January 2, 2019, when the remaining legal life was 16 years. On January 2, 2021, Azon determined that the remaining useful life of the patent was only eight years from the date of its acquisition. sidefoT 000,00 ESS atsaaA Iraq 2014 21115129
Transcribed Image Text:Azon, Inc. reported other noncurrent asset account balances of 2020, as follows: Patent Accumulated amortization Net Patent P 384,000 (48,000) P 336,000 mber 31, whook +1-ES M begge vsqm) o to nebtalupos erit tot song sqmo) vood Transactions during 2021 and other information relating to Azon's other noncurrent assets included the following: 10.00a,s 0010 The patent was purchased from Ruby Company on January 2, 2019, when the remaining legal life was 16 years. On January 2, 2021, Azon determined that the remaining useful life of the patent was only eight years from the date of its acquisition. sidefoT 000,00 ESS atsaaA Iraq 2014 21115129
● On January 3, 2021, in connection with the purchase of a trademark from od Golden Corp., the parties entered into a noncompetition agreement. Azon paid Golden P1,600,000, of which three-quarters related to the trademark and one-quarter reflected Golden's agreement not to compete for a period of five years in the line of business covered by the trademark. Azon considers the life of the trademark to be indefinite. atitans X huvo vinove On January 3, 2021, Azon acquired all the noncash assets and assumed all liabilities of White Company at a cash purchase price of $2,400,000. Azon determined that the fair value of the net asset acquired in the transaction is $1,600,000. :2mob29u0 Questions: Based on the above, determine the following: 19226 oldigasini to 1200 Moterit not bugios ,svods sit no boasd 1. Amortization expense of Patent in 2021 000,79 .6 000 109 000,1014 d a. $56,000 b. $48,000 c. 42,000 d. None a. P80,000 b. None 0190S ni noissitTOMA S 000,19 000.e# d 2. Amortization expense of Trademark a. $80,000 000019 6 b. None Amorts0 Mhedsoto 26 aleaar. gldignetul lo tayoms unins) E 3. Amortization expense of Noncompetition agreement in 2021 150-104 008.829 d in 2021 c. $32,000 d. 16,000 c. P320,000 d. P160,000 Islay ICOS at 292noqxs IstoT 4. Carrying amount of Goodwill as of December 31, 2021.005,119.8 22.12 ix3 to remeildstas o 008,S119 5 c. P1,600,000 d. P720,000 008,IST .d a. P800,000 b. $2,400,000 SSOS. LE todmonoto 26 ajecar aldigrani lo amuoms galyric) 5. Total carrying amount of the intangible assets as of December 31, 2021. a. P2,600,000 NCPAR 000.589 c. $2,608,000 d. P2,614,000 000 AT Comb. P1,800,000
Transcribed Image Text:● On January 3, 2021, in connection with the purchase of a trademark from od Golden Corp., the parties entered into a noncompetition agreement. Azon paid Golden P1,600,000, of which three-quarters related to the trademark and one-quarter reflected Golden's agreement not to compete for a period of five years in the line of business covered by the trademark. Azon considers the life of the trademark to be indefinite. atitans X huvo vinove On January 3, 2021, Azon acquired all the noncash assets and assumed all liabilities of White Company at a cash purchase price of $2,400,000. Azon determined that the fair value of the net asset acquired in the transaction is $1,600,000. :2mob29u0 Questions: Based on the above, determine the following: 19226 oldigasini to 1200 Moterit not bugios ,svods sit no boasd 1. Amortization expense of Patent in 2021 000,79 .6 000 109 000,1014 d a. $56,000 b. $48,000 c. 42,000 d. None a. P80,000 b. None 0190S ni noissitTOMA S 000,19 000.e# d 2. Amortization expense of Trademark a. $80,000 000019 6 b. None Amorts0 Mhedsoto 26 aleaar. gldignetul lo tayoms unins) E 3. Amortization expense of Noncompetition agreement in 2021 150-104 008.829 d in 2021 c. $32,000 d. 16,000 c. P320,000 d. P160,000 Islay ICOS at 292noqxs IstoT 4. Carrying amount of Goodwill as of December 31, 2021.005,119.8 22.12 ix3 to remeildstas o 008,S119 5 c. P1,600,000 d. P720,000 008,IST .d a. P800,000 b. $2,400,000 SSOS. LE todmonoto 26 ajecar aldigrani lo amuoms galyric) 5. Total carrying amount of the intangible assets as of December 31, 2021. a. P2,600,000 NCPAR 000.589 c. $2,608,000 d. P2,614,000 000 AT Comb. P1,800,000
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