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Determine the amount that will be reported on cullumber

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Reference no: EM132965321

Cullumber Company has a December 31 fiscal year end. Selected information follows for Cullumber Company for two independent situations as at December 31, 2021:

  • Cullumber purchased a patent from Marin Inc. for $471,000 on January 1, 2018. The patent expires on January 1, 2026. Cullumber has been amortizing it over its legal life. During 2021, Cullumber determined that the patent's economic benefits would not last longer than six years from the date of acquisition.
  • Cullumber has a trademark that had been purchased in 2014 for $265,000. During 2020, the company spent $50,000 on a lawsuit that successfully defended the trademark. On December 31, 2021, it was assessed for impairment and the recoverable amount was determined to be $279,000.

Problem 1: For each of these assets, determine the amount that will be reported on Cullumber's December 31, 2020 and 2021, balance sheets.

Reference no: EM132965321

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