Question
For each of the following intangible assets, indicate the amount of amortization expense that should be recorded for the year 2016 and the amount of
For each of the following intangible assets, indicate the amount of amortization expense that should be recorded for the year 2016 and the amount of accumulated amortization on the balance sheet as of December 31, 2016.
Item Trademark Patent Copyright
Cost $40,000 $50,000 $80,000
Date of Purchase 1/1/2009 1/1/2011 1/1/2014
Useful Life indefinite 10 years 20 years
Legal Life undefined 20 years 50 years
Method SL* SL SL
*Represents the straight-line method.
Answer:
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Fundamental Accounting Principles Volume 1
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
15th Canadian Edition
