Reference no: EM132736062
Question - Intangible Assets - XYZ Ltd reports the following intangible assets on 30 June 2020:
Patents at directors' valuation $160 000
Less Accumulated amortisation(40 000)
Brand name at fair value 100 000
Licence at cost $100 000
Less Accumulated amortisation (10 000)
Additional information: Patents were acquired at a cost of $80 000 on 1 July 2016. They have an estimated life of 16 years, of which 12 years remain on 30 June 2020.
The brand name is stated at fair value and is internally generated.
The licence, acquired one year ago, has a 10-year life of which nine years remain. The licence can be traded in an active market and has a fair value of 1.1 million.
Some of the treatments by XYZ may be inconsistent with the accounting standards AASB 138 "Intangible Assets".
REQUIRED - For EACH intangible asset, specify and briefly justify the following accounting decisions in accordance with AASB 138 'Intangible Assets':
1. How should the intangible asset be initially recognized?
2. What is the appropriate subsequent measurement basis (i.e., measurement model) of the recognised asset?
3. Is the recognised asset subject to amortization?
4. Calculate the carrying amount of each asset at 30 June 2020. No journal entry is required.
What is the final amount due on the loan
: Suppose you take out a loan for 180 days in the amount of $12,500 at 15% ordinary interest. What is the final amount due on the loan
|
Determine weekly production quantities
: Setup Cost = $100; WIP cost is minimal Determine weekly production quantities. What possible concerns should you also consider in solving this problem?
|
Compute the pension expense for the year
: Veldre SpA provides the following information about its defined pension plan for the year 2019. Compute the pension expense for the year
|
L/617/2268 Computer and Network Technology Assignment
: L/617/2268 Computer and Network Technology Assignment Help and Solution, OTHM Level 4 Diploma In Business Management - Assessment Writing Service
|
Calculate the carrying amount of each asset at June
: The licence, acquired one year ago, has a 10-year life of which nine years remain. Calculate the carrying amount of each asset at June
|
Multidisciplinary evaluation team
: The Multidisciplinary Evaluation Team (MET) includes educational staff and specialists who collaborate to make decisions regarding special education eligibility
|
What is the budgeted operating income
: The budgeted variable costs are $150,000, and the budgeted total fixed cost is $230,000. What is the budgeted operating income
|
Explain why your argument is valid
: All countries have cities. Canada is a country. Therefore, Canada has cities. This is an example of a valid argument. Write your own valid argument.
|
Calculate dynamic net income for the year
: During the? year, there were no new capital contributions and the owner withdrew $55,000. Calculate? Dynamic's net income for the year
|