Reference no: EM132386450
Problem
Prime \?deo reported the following transactions in its financial records:
1. On January 1, incurred $198,000 costs on a research project and filed for a patent. The patent filing costs totaled $16,000. The estimated period the patent is expected to provide future benefits to Prime Wdeo is 5 years.
2. During the year, a company filed a suit against Prime Video for patent infringement. Prime Video won the case which protected its rights to the patent. The legal fees incurred and paid for during late December totaled $54,000.
3. Prime Video determined that the future revenue-generating capacity of its trademark had declined by $46, 000. The original cost of the trademark was $120, 000 and its book value had declined to $78, 000 by the end of the year after recording amortization for the year totaling $11,000.
4. Prime Video incurred marketing costs totaling $165,000.
A. Show the results of the 4 transactions on Prime Video's income statement for the B. year ending December 31.
1. Indicate the amounts that would be reported in Prime Video's balance sheet as intangible assets as of December 31. (Please show and label your computations.)
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