The intangible asset by December 31? Legal Corporation purchased a limited-life intangible asset for $600,000 on July1, 2017. It has a useful life of 12 years.What total amount of amortizationexpense should have been recorded onthe intangible asset by December 31,2019?

Explanation of Amortization:Amortization is the systematic allocation of the cost of an intangible…

Answered: Legal Corporation purchased a limited-…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 8P

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The following intangible assets were purchased by Hanna Unlimited: A. A patent with a remaining legal life of twelve years is bought, and Hanna expects to be able to use it for six years. It is purchased at a cost of $48,000. B. A copyright with a remaining life of thirty years is purchased, and Hanna expects to be able to use it for ten years. It is purchased for $70,000. Determine the annual amortization amount for each intangible asset.
The following intangible assets were purchased by Goldstein Corporation: A. A patent with a remaining legal life of twelve years is bought, and Goldstein expects to be able to use it for seven years. B. A copyright with a remaining life of thirty years is purchased, and Goldstein expects to be able to use it for ten years. For each of these situations, determine the useful life over which Goldstein will amortize the intangible assets.
What is the proper time or time period over which to amortize an intangible asset if there is no forseeable limit on the period of time over which the intangible assets is expected to be used in operations? a. 40 years b. 50 years c. immediately d. not amortized
Legal Corporation purchased a limited-life intangible asset for $600,000 on July 1, 2017. It has a useful life of 12 years. What total amount of amortization expense should have been recorded on the intangible asset by December 31, 2019?
An intangible asset with an estimated useful life of 30 years was acquired on January 1, 2010, for $540,000. On January 1, 2020, a review was made of intangible assets and their expected service lives, and it was determined that this asset had an estimated useful life of 30 more years from the date of the review. What is the amount of amortization for this intangible in 2020?
An intangible asset with an estimated useful life of30 years was acquired on January 1, 2007, for $540,000.On January 1, 2017, a review was made of intangibleassets and their expected service lives, and it was determinedthat this asset had an estimated useful life of 30more years from the date of the review. What is theamount of amortization for this intangible in 2017?
Sagar
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Please refer to the picture. Remember to include "1." and "2." in the date section
On January 3, 2019, Soju Co. purchased machinery. The machinery has an estimated useful life of eight years and an estimated salvage value of P30,000. The depreciation applicable to this machinery was P65,000 for 2021, computed by the sum-of-the-years'-digits method. The acquisition cost of the machinery was ? a. P360,000 b. P390,000 c. P420,000 d. P468,000
Equipment was purchased at the beginning of 2019 for $740000. At the time of its purchase, the equipment was estimated to have a useful life of 6 years and a salvage value of $89000. The equipment was depreciated using the straight-line method of depreciation through 2021. At the beginning of 2022, the estimate of useful life was revised to a total life of 8 years and the expected salvage value was changed to $57000. The amount to be recorded for depreciation for 2022, reflecting these changes in estimates, is $82900. $71500. $85375. $46500.
Extreme UV Inc. has accumulated development costs that meet the criteria for capitalization at December 31,2022, amounting to P39,000. It is estimated that the useful life of this intangible asset will be six years; accordingly, amortization of P6,500 per year is anticipated. Extreme UV, Inc. uses the allowed alternative method of accounting for its long-lived tangible and intangible assets. At December 31, 2024, it obtains market information regarding the then- current fair value of this intangible asset, which suggests a current fair value of these development costs is P40,000; the estimated useful life, however, has not changed. I the “netting” method is used, the amount of other comprehensive income recognized from the revaluation at December 31, 2024 is ____________

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Legal Corporation purchased a limited- life intangible asset for $600,000 on July 1, 2017. It has a useful life of 12 years. What total amount of amortization expense should have been recorded on the intangible asset by December 31, 2019?