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Make accounting for operations associated with intangible

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Reference no: EM132984824

At the end of fiscal year 2019, a company has a patent for an acquisition price of $ 98,000,000.-

  • Its accumulated amortization as of December 31, 2019 is $ 28,000,000.- and the remaining useful life is 15 years. (includes depreciation for the year 2019)
  • Before the end of 2019, the company is aware that the market value of the patent has increased by 30% more.
  • The company decides to use the revaluation method for its intangible assets.
  • On January 5, 2020, the company sells the patent for a value of $ 51,000,000 in cash.

Problem 1: Make an Accounting for the operations associated with this intangible asset, until the moment of its sale.

Reference no: EM132984824

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