Amortization: Amortizationis the process of allocating the value of the intangible assets over its estimated useful life. Methods of amortization: Percentage-of-revenue method –– Amortization is determined with the ratio of the current revenues to the current and anticipated revenues. Straight-line method–– Amortization is determined with the straight line percentage over the estimated life of the asset. To Calculate: The amortization of the patent for the year 2016 and 2017.

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Answer 1

Question

Chapter 11, Problem 11.36E

1.

To determine

Amortization:

Amortizationis the process of allocating the value of the intangible assets over its estimated useful life.

Methods of amortization:

Percentage-of-revenue method –– Amortization is determined with the ratio of the current revenues to the current and anticipated revenues.

Straight-line method–– Amortization is determined with the straight line percentage over the estimated life of the asset.

To Calculate: The amortization of the patent for the year 2016 and 2017.

2.

To determine

To Prepare: The journal entry to record the 2018 litigation costs.

3.

To determine

To Calculate: The amortization for the year 2018.

4.

To determine

To Prepare: The journal entry to record the 2018 litigation costs as per IFRS.

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Answer 2

Question

Chapter 11, Problem 11.36E

1.

To determine

Amortization:

Amortizationis the process of allocating the value of the intangible assets over its estimated useful life.

Methods of amortization:

Percentage-of-revenue method –– Amortization is determined with the ratio of the current revenues to the current and anticipated revenues.

Straight-line method–– Amortization is determined with the straight line percentage over the estimated life of the asset.

To Calculate: The amortization of the patent for the year 2016 and 2017.

2.

To determine

To Prepare: The journal entry to record the 2018 litigation costs.

3.

To determine

To Calculate: The amortization for the year 2018.

4.

To determine

To Prepare: The journal entry to record the 2018 litigation costs as per IFRS.

Expert Solution & Answer

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Answer 3

Question

Chapter 11, Problem 11.36E

1.

To determine

Amortization:

Amortizationis the process of allocating the value of the intangible assets over its estimated useful life.

Methods of amortization:

Percentage-of-revenue method –– Amortization is determined with the ratio of the current revenues to the current and anticipated revenues.

Straight-line method–– Amortization is determined with the straight line percentage over the estimated life of the asset.

To Calculate: The amortization of the patent for the year 2016 and 2017.

2.

To determine

To Prepare: The journal entry to record the 2018 litigation costs.

3.

To determine

To Calculate: The amortization for the year 2018.

4.

To determine

To Prepare: The journal entry to record the 2018 litigation costs as per IFRS.

Expert Solution & Answer

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Answer 4

Question

Chapter 11, Problem 11.36E

1.

To determine

Amortization:

Amortizationis the process of allocating the value of the intangible assets over its estimated useful life.

Methods of amortization:

Percentage-of-revenue method –– Amortization is determined with the ratio of the current revenues to the current and anticipated revenues.

Straight-line method–– Amortization is determined with the straight line percentage over the estimated life of the asset.

To Calculate: The amortization of the patent for the year 2016 and 2017.

2.

To determine

To Prepare: The journal entry to record the 2018 litigation costs.

3.

To determine

To Calculate: The amortization for the year 2018.

4.

To determine

To Prepare: The journal entry to record the 2018 litigation costs as per IFRS.

Expert Solution & Answer

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Answer 5

Chapter 11, Problem 11.36E

1.

To determine

Amortization:

Amortizationis the process of allocating the value of the intangible assets over its estimated useful life.

Methods of amortization:

Percentage-of-revenue method –– Amortization is determined with the ratio of the current revenues to the current and anticipated revenues.

Straight-line method–– Amortization is determined with the straight line percentage over the estimated life of the asset.

To Calculate: The amortization of the patent for the year 2016 and 2017.

2.

To determine

To Prepare: The journal entry to record the 2018 litigation costs.

3.

To determine

To Calculate: The amortization for the year 2018.

4.

To determine

To Prepare: The journal entry to record the 2018 litigation costs as per IFRS.

Answer 6

Chapter 11, Problem 11.36E

1.

To determine

Amortization:

Amortizationis the process of allocating the value of the intangible assets over its estimated useful life.

Methods of amortization:

Percentage-of-revenue method –– Amortization is determined with the ratio of the current revenues to the current and anticipated revenues.

Straight-line method–– Amortization is determined with the straight line percentage over the estimated life of the asset.

To Calculate: The amortization of the patent for the year 2016 and 2017.

Answer 7

Chapter 11, Problem 11.36E

1.

To determine

Amortization:

Amortizationis the process of allocating the value of the intangible assets over its estimated useful life.

Methods of amortization:

Percentage-of-revenue method –– Amortization is determined with the ratio of the current revenues to the current and anticipated revenues.

Straight-line method–– Amortization is determined with the straight line percentage over the estimated life of the asset.

To Calculate: The amortization of the patent for the year 2016 and 2017.

Answer 8

2.

To determine

To Prepare: The journal entry to record the 2018 litigation costs.

Answer 9

2.

To determine

To Prepare: The journal entry to record the 2018 litigation costs.

Answer 10

3.

To determine

To Calculate: The amortization for the year 2018.

Answer 11

3.

To determine

To Calculate: The amortization for the year 2018.

Answer 12

4.

To determine

To Prepare: The journal entry to record the 2018 litigation costs as per IFRS.

Answer 13

4.

To determine

To Prepare: The journal entry to record the 2018 litigation costs as per IFRS.

Answer 14

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Answer 15

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Answer 16

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Answer 17

Ch. 11 - Prob. 11.1Q Ch. 11 - Depreciation is a process of cost allocation, not...Ch. 11 - Identify and define the three characteristics of...Ch. 11 - Discuss the factors that influence the estimation...Ch. 11 - What is meant by depreciable base? How is it...Ch. 11 - Prob. 11.6Q Ch. 11 - Prob. 11.7Q Ch. 11 - Why are time-based depreciation methods used more...Ch. 11 - Prob. 11.9Q Ch. 11 - Prob. 11.10Q

Solution Summary: The author explains how to calculate the amortization of the patent for the year 2016 and 2017 using the straight-line method.

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To Prepare: The journal entry to record the 2018 litigation costs.

To Calculate: The amortization for the year 2018.

To Prepare: The journal entry to record the 2018 litigation costs as per IFRS.

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