Current Attempt in Progress The following situations are independent of one another. 1. 2. An accounting student recently employed by a small company doesn't understand why the company is only depreciating its buildings and equipment, but not its land. The student recorded depreciation expense for all the company's property, plant, and equipment for the current year-end. The same student also thinks the company's amortization policy on its intangible assets is wrong. The company is currently amortizing its patents but not its goodwill. As a result, the student added goodwill to her adjustment for amortization at the end of the current year. She told a fellow employee that she felt she had improved the consistency of the company's accounting policies by making these changes. The same company has a building still in use that has a zero book value but a substantial fair value. The student felt that this practice didn't benefit the company's users-especially the bank-and wrote the building up to its fair value. After all, she reasoned, you can write down assets if fair values are lower. Writing them up if fair value is higher is yet another example of the improved consistency that she has brought to the company's accounting practices. 3. Explain whether or not the accounting treatment in each of the above situations is in accordance with generally accepted accounting principles. Explain what accounting principle or assumption, if any, has been violated and what the appropriate accounting treatment should be. B 1 U T T TX 1 T O Word(s) Current Attempt in Progress These are selected 2022 transactions for Bramble Corporation: Jan. 1 Mar. 1 Sept. 1 Purchased a copyright for $225,050. The copyright has a useful life of 7 years and a remaining legal life of 33 years. Purchased a patent with an estimated useful life of 5 years and a legal life of 25 years for $60,600. Purchased a small company and recorded goodwill of $150,300. Its useful life is indefinite. Indicate the amount of amortization expense on December 31, 2022, for Bramble Corporation. Amortization expense $ View Policies Current Attempt in Progress Alliance Atlantis Communications Inc. changed its accounting policy to amortize broadcast rights over the contracted exhibition period, which is based on the estimated useful life of the program. Previously, the company amortized broadcast rights over the lesser of 2 years or the contracted exhibition period. Write a short memo to your client explaining the implications this has for the analysis of Alliance Atlantis's results. B 1 U Tz T? T 99 T O Word(s) Save for Later Attempts: 0 of 1 used Submit