Question
Three intangible assets at the end of 2017 (end of the accounting year): a . A copyright purchased on January 1, 2017, for a cash
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 $15,300. The copyright is expected to have a 10-year useful life to Springer.
b. Goodwill of $73,000 from the purchase of the Hartford Company on July 1, 2016.
c. A patent purchased on January 1, 2016, for $48,000. The inventor had registered the patent with the U.S. Patent Office on January 1, 2012.
Compute the acquisition cost of each intangible asset.
Copyright ?
Goodwill ?
Patent ?
Compute the amortization of each intangible at December 31, 2017. The company does not use contra-accounts.
copyright ?
goodwill?
patent?
Show how these assets and any related expenses should be reported on the balance sheet and income statement for 2017
income statement ?
balance sheet ?
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