DSG Inc. reported the carrying amount of its copyrights as $60,000 before a win on a copyright lawsuit on 8/1/20x2. The lawsuit cost DSG $21,000. The company felt that the copyright will be useful until the end of July 20x7. What is the total amortization expense between 8/1/20x2 to 12/31/20x2? $5,000 $4,000 $4,918 $6,750
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- Bricktown Exchange purchases a copyright for $50,000. The copyright has a remaining legal life of 25 years, but only an expected useful life of five years with no residual value. Assume the company uses the straight-line method to record amortization. What is the carrying value of the copyright at the end of the first year?Warriors Productions recently purchased a copyright. Although the copyright is expected to last a minimum of 24 years, the chief executive officer of the company believes this B-list movie will only be useful for the next 19 years. The total cost of the copyright was $20,900. A. Calculate the amortization expense. $fill in the blank 24551608cfcaf94_1 B. Record the journal for the first year’s expense. If an amount box does not require an entry, leave it blank. fill in the blank fill in the blank fill in the blank fill in the blankRover Company purchases copyrights for P200,000 and incurs professional legal fees amounting to P20,000 related to the purchase made. After the purchase, Rover Company incurred operating expenses of P60,000. The estimated economic life is 40 years. What is the initial cost of copyright to be recorded in the books of Rover Company? P200,000 P180,000 P220,000 P280,000
- Banana Co. incurred P 350,000 of research and development costs to develop a product for which a patent was granted on January 2, 20x1. Legal fees and other costs associated with registration of the patent totaled P 100,000. On March 31, 20x6, Banana Co. paid P 150,000 for legal fees in a successful defense of the patent. What total amount is capitalized for the patent through March 31, 20x6?Warriors Productions recently purchased a copyright. Although the copyright is expected to last a minimum of 24 years, the chief executive officer of the company believes this B-list movie will only be useful for the next 19 years. The total cost of the copyright was $22,800. A. Calculate the amortization expense. B. Record the journal for the first year's expense. If an amount box does not require an entry, leave it blank. Accounts Receivable Amortization Expense Copyright Factoring Expense PatentPresented below is information related to copyrights owned by Fielding Company at December 31, 2020. Cost $10,450,000 Carrying amount 6,420,000 Expected future net cash flows 5,000,000 Fair value 3,850,000 Assume that Fielding Company will continue to use this copyright in the future. As of December 31, 2020, the copyright is estimated to have a remaining useful life of 10 years. Instructions Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2020. The company does not use accumulated amortization accounts. Prepare the journal entry to record amortization expense for 2021 related to the The fair value of the copyright at December 31, 2021, is $4,800,000. Prepare the journal entry (if any) necessary to record the increase in fair value.
- On January 1, 2020, Russell Company purchased a copyright for $2,000,000, having an estimated useful life of 16 years and no salvage value. On October 15, 2020, Russell paid $200,000 legal fees in an unsuccessful infringement lawsuit of the copyright. On March 1o, 2021, Russell paid $300,000 for legal fees in a successful defense of the copyright. This defense does not change the useful life of the copyright. On December 31, 2021, it is estimated that the undiscounted sum of future cash flows associated with the copyright is $1,700,000 and its fair value is $1,450,000. Russell uses the straight-line method for amortization of all intangible assets. Instructions Write all the journal entries related with the copyright during these two years. Be sure to show all calculations and round to the nearest dollar. Russell's fiscal year-end is December 31.12. On January 2, 20X0, Earth Company bought a trademark from Mars Company for P600,000. Earth retained an independent consultant, who estimated the trademark’s remaining life to be 20 years. Its amortized cost on Mars’ accounting records was P456, 000. What amount should the trademark be initially recorded?On January 1, 2017, Reno Company purchased a copyright for $1,000,000, having an estimated useful life of 16 years. In January 2021, Reno paid $150,000 for legal fees in a successful defense of the copyright. What should be the amount of copyright amortization expense for the year ended December 31, 2021? $
- Y2 WATERVILLE Company bought a Copyright for $20,800,000 on 1 January 201% for cash The expected total useful life of the Copyright is 10 years. Assune that the Residin) Value of the Copyright is always 50 (ic., Zero). On T January 2019 WATERVILLE Company Series on an Impairment lest Copyright The Value in Use of the Copyright is $10.000/000. the Fair Value is SoJOANUA and the costs to sell are $500,000, Assume that the expected total usefal life of the Copyrig remains unchanged. On 1 January 2020, the Recoverable Amount of the Copyright is $16,000,000. The firm uses Straight Line Amortization. ABsume thud the Accounting year- end is 31 December. Assume that the expected total useful life of the Copyright is always 10 years and remains unchanged. Required: i. Show the Journal Entries required by 1 :1 January 20 (8) if. 31 December 2018 ili. 1 January 2019 iv. 31 December 20 9 V. 1 January 2020. vi 31 December 2020 ATERVILLE Company on: Clearly show all workings. b. Show the Financial…Drexler incurred P234,000 of experimental and development costs in its laboratory to develop a patentwhich was granted on January 2, 20x4. Legal fees and other costs associated with registration of thepatent totaled P49,200. Management estimates that the useful life of the patent will be eight (8) years. 7. What is the carrying amount of the patent on December 31, 20x4?On January 1, Year 1, Stiller Company paid $192,000 to obtain a patent. Stiller expected to use the patent for 5 years before it became technologically obsolete. The remaining legal life of the patent was 8 years. Based on this information, what is the amount of amortization expense during Year 3 and the book value of the patent as of December 31, Year 3, respectively? Multiple Choice O $24,000 and $72,000 $24,000 and $120.000 $38,400 and $76,800 $38,400 and $115,200
