Intangibles, net- Intangibles are an asset that is not physical in nature. Intangibles aré trademarks representing the company's exclusive ownership of Patagonia Gold's company trademark. Mining rights are rights to explore and mine specified areas of land acquired from the landowner. Mining rights acquired for stated terms in excess of 10 years are capitalized as intangible assets and are measured initially at cost and amortized on a straight-line basis over the term of the rights. Mining rights acquired for undefined terms are capitalized as intangible assets and are measured initially at cost and amortized on a unit of production method over the estimated period of economically recoverable resources. Amortization is charged to administrative expenses in the condensed interim consolidated statement of operations and comprehensive loss. sample 1

Intangibles, net- Intangibles are an asset that is not physical in nature. Intangibles aré trademarks representing the company's exclusive ownership of Patagonia Gold's company trademark. Mining rights are rights to explore and mine specified areas of land acquired from the landowner. Mining rights acquired for stated terms in excess of 10 years are capitalized as intangible assets and are measured initially at cost and amortized on a straight-line basis over the term of the rights. Mining rights acquired for undefined terms are capitalized as intangible assets and are measured initially at cost and amortized on a unit of production method over the estimated period of economically recoverable resources. Amortization is charged to administrative expenses in the condensed interim consolidated statement of operations and comprehensive loss. sample 1

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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