valuation of an acquired trademark was incomplete. PHINEAS used $1,000,000 as provisional fair value of trademarks and determined a 5-year amortization life. PHINEAS appropriately disclosed in its December 31, 2014 financial

Q: UNO COMPANY purchased equipment for P5,000,000 on January 1, 2013 with a useful life of ten years…

A: Impairment of assets means reducing the book value  of assets when carrying amount is more than…

Q: On January 1, 2015, Schielanie company acquired a building to be held as investment property in a…

A: On January 1, 2015, Schielanie company acquired a building to be held as investment property in a…

Q: In 1975, Riveria Company had acquired copyrights for $750,000 on several literary works from some…

A: Option “A” is correct.

Q: Yellow Company acquired a trademark for P10,000,000 from Orange Company on January 5, 2021. The…

A: The intangible assets are used in the business to generate revenues and these assets have a life of…

Q: UNDOS COMPANY purchased equipment for P5,000,000 on January 1, 2013 with a useful life of ten years…

A: When an assets cease to be used in regular use and held for sale , then it should be carry at fair…

Q: Several years ago, Blaha Company purchased Husker Company as a subsidiary. At that time, Blaha…

A: Impairment of  goodwill  When the carrying value of goodwill on financial statements exceeds its…

Q: On January 1, 2014, Aim Company showed patent of P1,920,000 with related accumulated amortization of…

A:

Q: Gray Company was granted a patent on January 1, 2018 and appropriately capitalized P450,000 of…

A: On 1st Jan, 2018, patent was capitalized for P 4,50,000. Amortisation per year over its useful life…

Q: In 2014, Alliant Corporation acquired Centerpoint Inc. for $300 million, of which $50 million was…

A:

Q: Your investigation of Samsung Corp.’s various non-current asset transactions for 2021 revealed the…

A: Intellectual property rights refers to the legal rights which protects the creators or inventors and…

Q: On January 2, 2018,Judd Co. bought a trademark from Krug Co. for P500,000. Judd retained an…

A: Amortization is the reduction in the worth of an intangible asset due to its regular usage.…

Q: On January 1, 2018, Laica Company purchased a patent from an original patentee for P2,400,000. The…

A: Intangible Assets Example for Intangible assets are goodwill, patent, Trademark, copyright etc.…

Q: Avery Company acquires the net assets of Iowa Company on July 1, 2015. The net assets acquired…

A: 1. Acquisition is a corporate term used to represent purchase of another company and gaining the…

Q: On September 30, 2014, Leeds LTD. acquired a patent in conjunction with the purchase of another…

A: 1.

Q: the unamortized portion of the patent on December 31, 2020, before adjustment for amortization in…

A: Amortization expense is quite similar to depreciation expense, however, depreciation takes place on…

Q: On September 30, 2019, Leeds LTD. acquired a patent in conjunction with the purchase of another…

A: 1) Calculation of Amortization for the patent for 2019 and 2020:   Amortization = ( Total patent…

Q: On January 1, 2008, Ryan Company purchased a patent for P7,140,000. The patent is being amortized…

A: Patents are intangible assets and these are to be amortised over the life of useful period. They are…

Q: of acquisition. On January 1, 202 k, and one-fourth was for the ot tradom burinecs covered bu th

A: Intangible assets: - Intangible assets are those assets of the company which cannot be touched or…

Q: On October 1, 2007, JIMMY Acquired the net assets of NEUTRON which resulted to goodwill. When JIMMY…

A: IFRS 3           It stands for International Financial Reporting Standard 3 which states the…

Q: On September 30, 2016, Leeds LTD. acquired a patent in conjunction with the purchase of another…

A: Purchase price of Patent on September 30,2016 = 60,00,000 Life = 10 years Amortisation in year 2016…

Q: On October 1, 2021, ABC acquired the net assets of DEF which resulted to goodwill. When ABC issued…

A: Goodwill can be defined as an intangible asset which arises when one company acquires another…

Q: On January 1, 2009, Jonalyn Company purchased a patent from an original patentee for P2,400,000. The…

A: Patent: It implies to an intangible asset that does not have any physical existence and includes…

Q: On October 1, 2021, ABC acquired the net assets of DEF which resulted to goodwill. When ABC issued…

A: If at the acquisition date sufficient information is not available then the net assets &…

Q: The Siri Company acquired equipment on January 1, 2015 at a cost of P400,000, depreciating it over 8…

A: Depreciation- It the amount of reduction in the cost of fixed tangible assets which can be due to…

Q: trademark

A: On January 1, 2005, Mambusao Company bought a trademark from Panitan Company for P6,000,000.    In…

Q: Dazzle Corporation purchased a patent for P7,140,000 on January 2014. The patent is being amortized…

A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets…

Q: Jacky Inc. purchased Manzanita Marine on June 1, 2015 for $25,000,000 and recorded goodwill of…

A: Before determining if business assets have been impaired, they should be fairly valued. The whole…

Q: On December 1, 2018, Joy Corporation decided to dispose of an item of plant that is carried in its…

A: Non Current will be held for sale when that asset is used for the business for the maximum and now…

Q: On October 1, 2021, ABC acquired the net assets of DEF which resulted to goodwill. When ABC issued…

A: Solution:- computation of  the increase or (decrease) of the Goodwill in December 31, 2022 as…

Q: Safehouse Company was granted a patent on a product on January 1, 2011 with a 20-year useful life.…

A: Amortization on patent is a non-cash expense which is reported to record the write-off of the…

Q: Greg Company was granted a patent on January 1, 2017 and appropriately capitalized  P 450,000 of…

A: To record the sale of the patent in 2020, you would need to make the following journal entries:…

Q: 1. On May 1, 2019, ABC Corporation bought a trademark from DEF Corporation for P300,000. Its…

A: Hello. Since your question has multiple parts, we will solve the first question for you. If you want…