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Vedmedyk [2.9K]
3 years ago
7

In early January, Burger Mania acquired 100% of the common stock of the Crispy Taco restaurant chain. The purchase price allocat

ion included the following items: $6 million, patent; $4 million, trademark considered to have an indefinite useful life; and $6 million, goodwill. Burger Mania's policy is to amortize intangible assets with finite useful lives using the straight-line method, no residual value, and a five-year service life. What is the total amount of amortization expense that would appear in Burger Mania's income statement for the first year ended December 31 related to these items?
Business
1 answer:
ExtremeBDS [4]3 years ago
8 0

Explanation:

Because trademarks have an unlimited effective life of 4 million dollars, the regulation is not valid.

Goodwill and immaterial properties are not amortized but are checked for damage annually for infinite useful lives.

The copyright worth $6 million for five years is the only inviolable thing you can amortize.

The gross amortization cost in relation to these things in the income statement of Burger Mania for the first year ending December 31 would amount to $800,000.

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Explanation:

Here,  

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Level of significance = α = 0.02

<u />

<u>Step 1: </u>

H_{0}: p = 0.5

H_{1}: p < 0.5 (Left tailed test)

<u></u>

<u>Step 2: </u>

The critical vale is = 2.0537

<u></u>

<u>Step 3:  </u>

The test statistic is,

z =  \frac{p - p_{0} }{\sqrt{\frac{p_{0} (1-p_{0}) }{n} } }

<u>Step 5: </u>

Conclusion using critical value: Since the test statistic value is greater than the critical value, we fail to reject null hypothesis.

<u>Step 6:  </u>

Conclusion using P-value: Since the P-value is greater than the significance level, we fail to reject the null hypothesis.    

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