NovakLimited has a trademark with a carrying amount of $84,000, and expected useful on December 31, 2020, due to a change in customer tastes, Novak gathered the following data about the trademark for the purposes of an impairment test: fair value $44,400: fair value less costs to sell $41.100; value in use $95,700; and undiscounted future cash flows $129.000. Assume that Novak is reporting under IFRS. Determine if the trademark is impaired on December 31, 2020. Trademark is

NovakLimited has a trademark with a carrying amount of $84,000, and expected useful on December 31, 2020, due to a change in customer tastes, Novak gathered the following data about the trademark for the purposes of an impairment test: fair value $44,400: fair value less costs to sell $41.100; value in use $95,700; and undiscounted future cash flows $129.000. Assume that Novak is reporting under IFRS. Determine if the trademark is impaired on December 31, 2020. Trademark is

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 15E

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How much is the amortization of patent for the year 2021? Provide a detailed answer.
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