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2 years ago

Bluestone Company had three intangible assets at the end of the current year:

Business

1 answer:

ra1l [238]2 years ago

8 0

Answer:

Bluestone Company

a. The acquisition cost of each intangible asset:

a. Patent $3,600

b. Trademark $8,000

c. Licensing Rights $90,000

b. The amortization of each intangible asset for the current year ended December 31:

a. Patent $3,600/12 = $300

b. Trademark $8,000 indefinite life $0

c. Licensing Rights $90,000/6 = $15,000

c. Balance Sheet as of December 31, of the current year:

Intangible Asset:

a. Patent $3,600

b. Trademark 8,000

c. Licensing Rights 90,000

Total Intangible $101,600

less amortization 15,300

Net book value $86,300

Income Statement for the year ended December 31 of the current year.

Amortization Expenses:

a. Patent $300

c. Licensing Rights $15,000

Explanation:

a) Data and Analysis:

a. Patent $3,600 Cash $3,600

b. Trademark $8,000 Cash $8,000

c. Licensing Rights $90,000 Cash $90,000

a. Acquisition cost of each intangible asset:

a. Patent $3,600

b. Trademark $8,000

c. Licensing Rights $90,000

b. Amortization of each intangible asset:

a. Patent $3,600/12 = $300

b. Trademark $8,000 indefinite life $0

c. Licensing Rights $90,000/6 = $15,000

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2 years ago

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