Financial Accounting Intangible Assets Question And Answers Homework Help
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1.At the beginning of 2008, Bellamy Seafood acquired equipment costing $60,000. It was estimated that this equipment would have a useful life of six years and a residual value of $6,000 at that time. The straight-line method of depreciation was considered the most appropriate to use with this type of equipment. Depreciation is to be recorded at the end of each year. During 2010 (the third year of the equipment’s life), the company’s engineers reconsidered their expectations and estimated that the equipment’s useful life would probably be seven years (in total) instead of six years. The estimated residual value was not changed at that time. However, during 2013 the estimated residual value was reduced to $3,000.
Indicate how much depreciation expense should be recorded for this equipment each year by completing the following table.
|Year||Depreciation Expense||Accumulated Depreciation|
2.What factors influence the costs of supplying such public goods as police protection and national defense? What might cause these costs to go up or down, and how would such change affect your taxes?
3.How is impairment of patents reported on the financial statement if a firm loses a lawsuit?
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4. NewDrugs, Inc., an international corporation, has identified a list of expenditures it believes to be intangible assets. Which items would be recognized as assets under US GAAP? Which items would be capitalized under IFRS?
a. Research on potential pharmaceutical formulas
b. Development of new pharmaceutical formulas, after feasibility and business plans have been established
c. Legal fees to patent the newly developed formula
d. Customer list purchased from a competitor
e. Patent purchased from a competitor
f. Legal fees to defend the purchased patent
g. Goodwill included in the purchase of Old Drugs, Inc.
h. Internally developed customer list
5. During 2007, a company began researching and developing a new product for market. By June 30, 2008, the company had determined the new product was technologically feasible and developed a business plan including identification of a ready market for the product, and a commitment of resources to ready the product for market. The company has tracked costs of the product as follows:
|Research and development, Jan-June 2008||€130,000|
|Research and development, July-Dec 2008||80,000|
|Legal fees – patent||20,000|
What amount will be included in intangible assets on the company’s December 31, 2008 financial statements prepared in accordance with IFRS? What amount will be reported as intangible assets under US GAAP?
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