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Cheshire Company had three intangible assets at the cod of 2011 (end of the accounting year): A copyright purchased on January 1.2011. for a cash
Cheshire Company had three intangible assets at the cod of 2011 (end of the accounting year): A copyright purchased on January 1.2011. for a cash cost of $12.000. The copyright is expected to have a 10-year useful life to Cheshire. Goodwill of $65.000 from the purchase of the Hartford Company on July 1. 2010. A patent purchased on January 1.2010, for $39.2G0. The inventor had registered the patent with the U.S. patent Office or January 1. 2006. Required: 1. Compute the acquisition cost of each intangible asset. (Omit the "$" sign in your response.) Compute the amortization of each intangible at December 31.2011. The company does not use contra-accounts. (Assume the company use straight-line method) (Leave no cells blank be certain to enter "0" wherever required. Omit the "$" sign in your response.) Show how these assets and any related expenses should be reported on the balance sheet and income statement for 2011. (Assume there has been no impairment of goodwill.) (Omit the "$" sign in your response.)
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