(a)
Introduction:
An understanding for exchanging responsibility for from a dealer to a purchaser. This Standard Document is drafted to be utilized as an independent contract. It incorporates as a show a short-structure task that can be executed and recorded with the US Copyright Office against booked copyright enlistments and applications.
To choose:
Prepare a
(b)
Introduction:
An understanding for exchanging responsibility for from a dealer to a purchaser. This Standard Document is drafted to be utilized as an independent contract. It incorporates as a show a short-structure task that can be executed and recorded with the US Copyright Office against booked copyright enlistments and applications.
To choose:
Compute record the Amortization expense for the copyright in 2020.
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Cornerstones of Financial Accounting
- Do not give solution in imagearrow_forwardDiscuss the appropriate accounting treatment for the following intangible assets on 30 June2022. No entries required. a)Apublishing company purchased the magazine title"Potato Farmer" in 2019 for $2.5 million. An additional $200.000 was spent in 2020 to market the publishing title.On 30 June 2022 the publishing company believes the publishing title can be sold for $20 million. b) A company purchased the music rights to all the works of the famous band The lnsects in2018 for $15,000,000.The rights provided the company with the ability to use the music rights forever. On 30 June 2022 following a scandal involving one of the band members the frm estimates the likely fair value of the music rights is $5,000,000. c) On 30 June 2022 a hair loss treatment company acquired the results of research conducted into possible cures for male baldness from the Western Southern University for $6,000,000. The company intends to progress the most promising parts of the research in 2023 with additional…arrow_forwardhow How can due entries? Intangibles: Balance Sheet Presentation and Income Statement Effects Bringle Company has provided information on intangible assets as follows: A patent was purchased from Lou Company for $1,845,000 on January 1, 2018. Bringle estimated the remaining useful life of the patent to be 15 years. The patent was carried in Lou's accounting records at a net book value of $1,635,000 when Lou sold it to Bringle. During 2019, a franchise was purchased from Rink Company for $470,000. In addition, 6% of revenue from the franchise must be paid to Rink. Revenue from the franchise for 2019 was $2,000,000. Bringle estimates the useful life of the franchise to be 5 years and takes a full year's amortization in the year of purchase. Bringle incurred R&D costs in 2019 as follows: Materials and equipment $150,000 Personnel 130,000 Indirect costs 69,000 $349,000 Bringle estimates that these costs will be recouped by December 31, 2020. On January 1, 2019,…arrow_forward
- Current Attempt in Progress Devon Pharoah Company has provided information on intangible assets as follows. A patent was purchased from Shamrock Company for $1,600,000 on January 1, 2021. Pharoah estimated the remaining useful life of the patent to be 10 years. The patent was carried in Shamrock's accounting records at a net book value of $1,100,000 when Shamrock sold it to Pharoah. During 2022, a franchise was purchased from Sheffield Company for $490,000. In addition, 5% of revenue from the franchise must be paid to Sheffield. Revenue from the franchise for 2022 was $2,320,000. Pharoah estimates the useful life of the franchise to be 10 years and takes a full year's amortization in the year of purchase. Pharoah incurred research and development costs in 2022 as follows. Materials and equipment $159,000 Personnel 191,000 Indirect costs 114,000 $464,000 Pharoah estimates that these costs will be recouped by December 31, 2025, but due to uncertainty in the market, its process has not…arrow_forwardNote:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.arrow_forwardPlease do not give solution in image format ? And Fast Answering Please ? and Explain Proper Step by step.arrow_forward
- Do not give answer in imagearrow_forwardThe intangible assets section of Pina Corporation’s balance sheet at December 31, 2022, is presented here. Patents ($73,300 cost less $6,900 amortization) $66,400 Copyrights ($57,000 cost less $46,700 amortization) 10,300 Total $76,700 The patent was acquired in January 2022 and has a useful life of 10 years. The copyright was acquired in January 2016 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2023. Jan. 2 Paid $54,000 legal costs to successfully defend the patent against infringement by another company. Jan.– June Developed a new product, incurring $241,500 in research and development costs. A patent was granted for the product on July 1, and its useful life is equal to its legal life. Legal and other costs for the patent were $20,000. Sept. 1 Paid $68,000 to a quarterback to appear in commercials advertising the company’s products. The commercials will air in September and…arrow_forwardDogarrow_forward
- Determining Carrying Value and Amortization of Intangible Assets Review the following information pertaining to Denzel Company. A patent was purchased on January 2, 2018, for $149,500 when the remaining legal life was 16 years. On January 2, 2020, Denzel determined that the remaining useful life of the patent was only eight years from the date of its acquisition. On January 1, 2020, Denzel Company purchased a second patent for $184,000 cash. At January 1, 2020, 6 years of the patent's legal life of 20 years had already expired. On June 30, 2020, Denzel Company paid a firm $18,400 for a new trademark. Denzel considers the life of the trademark to be indefinite. On November 1, 2020, Denzel Company acquired all noncash assets and assumed all liabilities of Lee Company at a cash purchase price of $276,000. Denzel determined that the fair value of the identfiable net assets acquired in the transaction is $269,100. Note: When answering the following questions, do not round until your…arrow_forwardanswer in text form please (without image), Note: .Every entry should have narration pleasearrow_forwardPlease do not give solution in image format ?arrow_forward
- Cornerstones of Financial AccountingAccountingISBN:9781337690881Author:Jay Rich, Jeff JonesPublisher:Cengage Learning