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Question 1: Discuss the appropriate accounting treatment for the following intangible assets. No entries required
a) A publishing company commenced the internal development of a new magazine in 2018. The cost to develop the publishing title was $500,000 and is recorded on the balance sheet as an asset. On 30 June 2021 the publishing company believes the publishing title can be sold for $4 million.
b) A company purchased the book publishing rights for the works of the famous author Teddy Bear in 2017 for $1,000,000. The rights provided the company with the ability to publish an unlimited number of books forever. On 30 June 2021 due to a decline in book reading, the firm estimates the likely fair value of the publishing rights is $50,000.
c) In 2021 a pharmaceutical company acquired the results of research conducted into possible cures for Covid 19 from the Knowledge University for $2,000,000. The pharmaceutical company intends to progress the most promising parts of the purchased research in 2022 with additional tests and trials.
Financial Statement Analysis and Preparation
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T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .
Computation of Free Cash Flow
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