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I got question #3 correct, cannot figure out other 2. Springer Company had three intangible assets at the end of 2017 (end of the accounting
I got question #3 correct, cannot figure out other 2.
Springer Company had three intangible assets at the end of 2017 (end of the accounting year): a. A copyright purchased on January 1, 2017, for a cash cost of $16,000. The copyright is expected to have a 10-year useful life to Springer. b. Goodwill of $80,000 from the purchase of the Hartford Company on July 1, 2016. c. A patent purchased on January 1, 2016, for $62,000. The inventor had registered the patent with the U.S. Patent Office on January 1, 2012. Required: 1. Compute the acquisition cost of each intangible asset. X Answer is not complete. Acquisition Cost $ 1,600 Copyright Goodwill Patent $ 3,875 X 2. Compute the amortization expense of each intangible for the year ended December 31, 2017. The company does not use contra- accounts. (Assume the company uses straight-line method) (Do not round your intermediate calculations.) Amortization Copyright Goodwill Patent X Answer is not complete. SPRINGER COMPANY Balance Sheet December 31, 2017 (partial) Intangibles: $ 0Step by Step Solution
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