amortization expense in 2024?
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On January 2, 2024, Blue Company bought trademark from Shoes
Inc. for P300,000. The carrying amount of the trademark in Shoes
Inc.'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 research
company estimated that the remining useful life of the
trademark was 10 years. How much is the amortization
expense in 2024?
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- 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.Calico Inc. purchased a patent on a new drug. The patent cost $21,000. The patent has a life of twenty years, but Calico only expects to be able to sell the drug for fifteen years. Calculate the amortization expense and record the journal for the first-year expense.Calico Inc. purchased a patent on a new drug it created. The patent cost $12,000. The patent has a life of twenty years, but Calico expects to be able to sell the drug for fifty years. Calculate the amortization expense and record the journal for the first years expense.
- 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?On January 3, 2018, Sweet company bought a patent for P540,000. The estimated useful life of the patent is 8 years. During the year 2021, the company determined that the economic life of the patent is only 6 years from the date of acquisition. How much is the amortization expense for year 2021?On January 3, 2018, Sweet company bought a patent for P540,000. The estimated useful life of the patent is 8 years. During the year 2021, the company determined that the economic life of the patent is only 6 years from the date of acquisition. 1.)How much is the amortization expense for year 2021? 2.)What is the carrying value of the patent at December 31, 2021?
- 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 1, 20x1, M Co. incurred P500,000 in registering a patent. It was initially estimated that the useful life of the asset is 20 years, equal to its legal life. However, on January 1, 20x6, M assessed that the useful life of the patent was only 15 years starting on the date of registration. How much is the amortization expense in 20x6?Bennet Co. bought a trademark from Bonnet, Inc. on January 2, 2018, for $1,200,000. An independent research company estimated that the remaining useful life of the trademark was 10 years. Its unamortized cost on Bonnet’s books was $900,000. In Bennet’s 2018 income statement, what amount should be reported as amortization expense?
- 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 $115,200On January 1, 2008, Ryan Company purchased a patent for P7,140,000. The patent is being amortized over its remaining legal life of 15 years expiring on January 1, 2023. During 2011, Ryan determined that the economic benefits of the patent would not last longer than ten years from the date of acquisition. Question: What amount should be reported in the statement of financial position for the patent, net of accumulated amortization, on December 31, 2011?On January 2, 2018,Judd Co. bought a trademark from Krug Co. for P500,000. Judd retained an independent consultant, who estimated the trademark’s remaining life to be fifty years. Its unamortized cost on Krug’s accounting records was P380,000. In Judd’s December 31, 2018 balance sheet, what amount should be reported as accumulated amortization? a P7,600 b P9,500 c P10,000 d P12,500
