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The following information relates to the intangible assets of University Testing Services ( UTS ) : On January 1 , 2 0 2 4 ,
The following information relates to the intangible assets of University Testing Services UTS: On January UTS completed the purchase of Heinrich Corporation for $ in cash. The fair value of the net identifiable assets of Heinrich was $ Included in the assets purchased from Heinrich was a patent valued at $ The original legal life of the patent was years; there are years remaining, but UTS believes the patent will be useful for only eight more years. UTS acquired a franchise on July by paying an initia Required: Record amortization expense for the intangible assets at December Prepare the intangible asset section of the December balance sheet.
The following information relates to the intangible assets of University Testing Services UTS:
On January UTS completed the purchase of Heinrich Corporation for $ in cash. The fair value of the net identifiable assets of Heinrich was $
Included in the assets purchased from Heinrich was a patent valued at $ The original legal life of the patent was years; there are years remaining, but UTS believes the patent will be useful for only eight more years.
UTS acquired a franchise on July by paying an initia
Required:
Record amortization expense for the intangible assets at December
Prepare the intangible asset section of the December balance sheet.
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