Net intangible assets20351,851,0002034970,000The client provided further details regarding the intangible assets as follows:2034720,000250,0000970,0001 Customer list2Goodwill3Trademark XYZTotal net intangible assets20351,100,000237,500513,5001,851,000

Dear student, check the answer in the explanation.Explanation:Dear student, the following guidelines…

Answered: Net intangible assets 2035 1,851,000…

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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The following information has been provided for Relink Corporation for 20X2-20X5: 20X2 20X3 20X4 20X5 Capital asset additions $ 1,001,007 $0 $2,015,000 $0 Depreciation expense 115,000 115,000 315,000 315,000 Capital cost allowance 215, 000 175,000 543, 000 437, 400 Development costs incurred 105,000 115,000 135, 000 65,000 Development costs amortized 0 33,000 53,000 65,000 Tax rate 40 % 37% 37 % 35 % Required: 1. What is the tax basis of the capital assets in each year? 2. What is the tax basis of the development costs in each year? 3. What is the accounting basis of the capital assets in each year? 4. What is the accounting basis of the development costs in each year? 5. What is the deferred tax balance in each year? (Negative amounts and deductible amounts should be indicated by a minus sign.) 6. Is the deferred tax balance in each year an asset or a liability? multiple choice Asset Liability
4G+ 12:43 PM 12.6KB/s © l 61 00:17:22 Remaining Multiple Choice The cost of intangible asset acquired by way of government grant is recorded at Fair value Nominal amount plus directly attributable costs Fair value or nominal amount plus directly attributable costs, whichever is lower Fair value or nominal amount plus directly attributable costs, representing an accounting policy choice by the entity 7 of 25 レ

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Net intangible assets 2035 1,851,000 2034 970,000 The client provided further details regarding the intangible assets as follows: 2034 720,000 250,000 0 970,000 1 Customer list 2 Goodwill 3 Trademark XYZ Total net intangible assets 2035 1,100,000 237,500 513,500 1,851,000