XYZ Ltd has two intangible assets as at 30 June 2020 and additional information of such intangible assets is as below:

Brand name: Over the last four years, XYZ Ltd has developed a very successful brand of comics. Based on years of experience, the Managing Director strongly believes that the current value of the brand name is $1,200,000 and has measured the asset accordingly.The economic benefits associated with the brand name are expected to last for another six years.

Trademark: on 1 July 2018, XYZ Ltd acquired a trademark that can be used for 6 years for $600,000. The trademark has no residual value but can be renewed at the discretion of the holder. The management believed that the trademark would be sold for a minimum of $1,200,000.

REQUIRED:

Select appropriate accounting treatments and carrying amount for each intangible asset:

(asset/expense/acquired/internally generated/cost model/revaluation model/no subsequent measurement/$0/$400,000/$500,000/$600,000/$800,000/$1,000,000/$1,200,000)

Brand name:

1. Brand name should be initially recognised as an -- because it was --.

2. What is the appropriate measurement basis for subsequent measurement of brand name--

3. Carrying amount of brand name at 30 June 2020--

Trademark:

1. Trademark should be initially recognised as an -- because it was -- .

2. What is the appropriate measurement basis for subsequent measurement of trademark--

3. Carrying amount of trademark at 30 June 2020--