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- 1. Copyrights should be amortized over a. their legal life. b. the life of the creator plus fifty years. c. twenty years. d. their useful life or legal life, whichever is shorter. *explain why each choices. why is it incorrect or why is it the correct answer.At the beginning of the current year, an entity leased a building from a lessor with the following pertinent information What is the cost of the right of use asset?S1: It is usually advisable to write off the cost of the copyright against the revenue of the first printing. S2: If the franchise is granted for a definite period, the cost of the franchise shall not be amortized but tested for impairment at least annually. A. S1 is TRUE; S2 is FALSE B. S1 is FALSE; S2 is TRUE C. Both statements are TRUE. D. Both statements are FALSE.
- In its December 31, 2020, statement of financial position, what amount should Maelet report as an intangible asset-franchiseThe cost of a copyright should? A. not be amortized and the cost should be capitalized as an asset with indefinite life. B. amortized over a period not to exceed the life of the author plus 50 years. C. be amortized over a period not to exceed 20 years, unless the right is renewed. D. be amortized over a period not to exceed its economic life.1. An entity acquired a building for the purpose of leasing it on Jan 1, 2021 for P50 M. At that date the building had a useful life of 40 years. At Dec 31, 2021 the fair value of the building was P51 M. If the entity chooses the fair value model, the entity should * a.recognize depreciation of P1.25 M in its 2021 profit or loss b.recognize the building in its Dec 31, 2021 financial position statement at P48.75 M c.recognize gain of P1 M in its 2021 profit or loss d.none of the above
- 1. Safehouse Company was granted a patent on a product on January 1, 2011 with 20 -year useful life. To protect the patent, the entity purchased on January 1, 2021 for P4,500,000 a patent on competiting product which was originaly issued on January 1, 2016. Because of the unique plant, the entity does not feel the competing patent can be used in producing a product. What amount should be recorded as amortization of the competing patent for 2021? 2. Gray Company was granted a patent on January 1, 2018 and appropriately capitalized P450,000 of related costs. The entity was amortizing the patent over the useful life of 15 years. During 2021, the entity paid P150,000 in legal costs in successfully defending an attempted infringement of the patent. After the legal action was completed, the entity sold the patent to the plaintiff for P750,000. The policy is to take no amortization in the year of disposal. What amount should be reported as gain from sale of patent in 2021?: (Intangible Impairment) The following information is for a copyright owned by Lighting Designs Corp., a private entity, at December 31, 2023. Lighting Designs applies ASPE. Cost $4,300,000 Carrying amount 2,150,000 Expected future net cash flows (undiscounted) 2,000,000 Fair value 1,600,000 Assume that Lighting Designs will continue to use this copyright in the future. As at December 31, 2023, the copyright is estimated to have a remaining useful life of 10 years. Instructions a) Prepare the journal entry, if any, to record the asset’s impairment at December 31, 2023. b) Prepare the journal entry to record amortization expense for 2024 related to the copyright. c) The copyright’s fair value at December 31, 2024, is $2.2 million. Prepare the journal entry, if any, to record the increase in fair value. d) Digging Deeper. Using the information from part (a), discuss whether the copyright would be amortized in 2023 before the impairment test is conducted. Would the asset be tested for…"a picture On June 30, 2021, the fair value was estimated at P3,300,000 On December 31, 2021, the fair value was estimated at 1. What is the adjusted carrying amount of the land on June A Preliminary Assessment: Non cur X revaluation model. On June 30, 2021, the entity classified a At that date, the carrying amount was P2,900,000 and the C video x © Untitled design - Video x M Inbox (1,920) - 2213663@slu.edu x + A classroom.google.com/u/0/c/NDU3MTE4MZUWMDI1/a/NDgyMzE5NjA0OTM2/details Q POr NCASDO Activity.pdf Open with - O Prelimin Assigned for sale Problem 6-3 (IFRS) Add or create Candido Perez- 50 points ark as done land as held for sale. Using the 2021 Edition of Abba Companу, Clara Company, Young Company, balance of the revaluation surplus was P200,000. omments t to Candido Perez and the cost of disposal at P200,000. Write in your handwriting usin paper. Use black solution in good On December 31, 2021, the fair value was estimated P3,250,000 and the cost of disposal at P250,000.…
- A purchased patent has a remaining legal life of'15 year's. It should: a. be expensed year of acquisitionb. be amortized over 15 years regardless of its useful life c. be amortized over its useful life if less than 15 years d. not be amortized01. Martin owns land that is classified as PPE. The land has previously been valued at cost. The land will be revalued using the revaluation model to its fair value on December 31 (the company's year-end). Before revaluation, the land's carrying value was $100,000. The fair value is $125,000 as of December 31, 2021. What journal entry is required to record the revaluation? What entry would've been made if the fair value on December 31, 2022, is $90,000? 02. 1,000,000 of XYZ's no-par common shares were initially offered at a price of $13, Later, XYZ bought back 6,000 shares of these shares at $ 17 a share. XYZ is incorporated under the Canada business corporation Act and therefore retired these shares. Requirement Record the retirement of the shares. 03. ABC. declare a dividend of $100,000 and pays it all at once. Provide the journal entry needed to document the $100,000 dividend if: The dividend is paid in cash The dividend is paid in company stock (stock dividend)and revenue of P1,000,000. а. b As a receivable and deferred revenue of P1,000,000. As a disclosure of a contingent asset of P1,000,000. d As a disclosure of a contingent asset of P1,500,000. Problem 4-32 (AICPA Adapted) Tone Company is the defendant in a lawsuit filed by Witt in 2019 disputing the validity of copyright held by Tone. On December 31, 2019, Tone determined that Witt would probably be successful for an estimated amount of P400,000. Appropriately, a P400,000 loss was accrued by a charge to income for the year ended December 31, 2019. On December 31, 2020, Tone and Witt agreed to a settlement providing for cash payment of P250,000 by Tone to Witt and transfer of Tone's copyright to Witt. The carrying amount of the copyright on Tone's accounting records was P50,000 on December 31, 2020. What would be the effect of the settlement on Tone's income before tax in 2020? a. 150,000 increase b. 150,000 decrease c. 100,000 increase d. 100,000 decrease 137
