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- On January 1, 2014, Aim Company showed patent of P1,920,000 with related accumulated amortization of P240.000. The patent was purchased on January 1,2012 at which date the legal life is 16 years. On January 1, 2014, the useful life of the patent was determined to be only 8 years from the date of acquisition. On January 1, 2014, in connection with the purchase of a trademark from Cat Company, the parties entered into a noncompetition agreement and a consulting contract. Aim Company paid Cat Company P800,000, of which three-fourths was for the trademark, and one-fourth was for Cat Company's agreement not to compete for a five-year period in the line of business covered by the trademark. Aim Company considered the life of the trademark to be indefinite. Moreover, Aim Company agreed to pay Cat Company P50,000 annually on January 1 of each year for 5 years. What is the total amortization of intangible assets for 2014?On January 2, 2018,Judd Co. bought a trademark from Krug Co. for P500,000. Judd retained an independent consultant, who estimated the trademark’s remaining life to be fifty years. Its unamortized cost on Krug’s accounting records was P380,000. In Judd’s December 31, 2018 balance sheet, what amount should be reported as accumulated amortization? a P7,600 b P9,500 c P10,000 d P12,500On January 1, 20X0, Vick Company purchased a trademark for $400,000, which had an estimated useful life of 16 years. On January 1, 20X4, Vick paid $60,000 for legal fees in a successful defense of the trademark. Required: How much should Vick record as trademark amortization expense for 20X4
- A trademark was purchased from Jordan Company for P120,000 on July 1, 20x1. Expenditures forsuccessful litigation in defense of the trademark totaling P30,000 were paid on July 1, 20x4.Management estimates that the useful life of the trademark will be 20 years from the date of acquisition 8. What is the carrying amount of the trademark on December 31, 20x4?On January 1, 2009, Jonalyn Company purchased a patent from an original patentee for P2,400,000. The remaining legal life of the patent is 15 years but the useful life is only 12 years. On January 1, 2010, the entity paid P550,000 in successfully defending the patent in an infringement suit filed against the entity. On January 1, 2011, the entity acquired a competing patent for P1,500,000. The competing patent has a remaining legal life 15 years but it is not to be used because it was intended to protect the original patent. Question: What is the carrying amount of the patent on December 31, 2011?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 October 1, 2014, PHINEAS Acquired the net assets of FERB which resulted to goodwill. When PHINEAS issued its December 31, 2014 financial statements, the valuation of an acquired trademark was incomplete. PHINEAS used $1,000,000 as provisional fair value of trademarks and determined a 5-year amortization life. PHINEAS appropriately disclosed in its December 31, 2014 financial statements that the trademark was measured at a provisional amount. On April 30, 2015, the valuation of the trademark was finalized. The fair value of the acquisition date amounted to $21,200,000. How much is the increase (decrease) of the Goodwill in December 31, 2015?On January 2, 2024, Blue Company bought trademark from ShoesInc. for P300,000. The carrying amount of the trademark in ShoesInc.'s books is P240,000. Case 1: How much is the amortization expense in 2024? Case 2: In addition to the previous facts, an independent researchcompany estimated that the remining useful life of thetrademark was 10 years. How much is the amortizationexpense in 2024?Sunland Co. bought a patent from Carla Vista Corp. on January 1, 2021, for $918000. An independent consultant retained by Sunlandestimated that the remaining useful life at January 1, 2021 is 15 years. Its unamortized cost on Carla Vista’s accounting records was $459000; the patent had been amortized for 5 years by Carla Vista. How much should be amortized for the year ended December 31, 2021 by Sunland Co.?
- Yellow Company acquired a trademark for P10,000,000 from Orange Company on January 5, 2021. The trademark is carried in the accounting records of Orange at an amortized cost of P7.6 million. Yellow Company's consultant has estimated that the useful life of the trademark to be indefinite. What amount should Yellow report as accumulated amortization at Dec. 31, 2021?Leni Co. acquired all of BBM Co.'s assets and liabilities on October 2, 2021. BBM reported assets with a carrying amount of P2, 496,000 and liabilities of 1,424,000. Leni noted that BBM had 160,000 research and development cost at the acquisition date that did not appear of any value. Leni also determined that patents developed by BBM had a fair value of 480,000 but have not been reported by BBM. Except for building and equipment, Leni determined the fair value of all other assets and liabilities approximated the reported amounts. At acquisition date, Leni recorded a goodwill of P372,000. Leni paid P2,068,000 to acquire BBM's assets and liabilities. If the carrying amount of the building and equipment was P1,364,000, what was the fair value?LMN Company purchased another company on January 1, 2015, resulting in the recording of goodwill of $2,000,000 and a patent valued at $120,000. The patent has a remaining life of 10 years. At December 31, 2015, it was determined that an impairment in the value of the goodwill of $500,000 had occurred. 1. Prepare any necessary journal entries affecting the goodwill and patent accounts at December 31, 2015.
