Qsaint john corporation prepares its financial statements

Assignment Help Financial Accounting

Reference no: EM13351622

Saint John Corporation prepares its financial statements according to IFRS. On 30^th June, 2013, the company purchased a franchise for $1,200,000. The franchise is expected to have a 10-year useful life with no residual value. Saint John uses the straight-line amortization technique for all intangible assets. On 31^st December, 2013, the end of the company's fiscal year, Saint John selects to revalue the franchise. There is an active market for this particular franchise and its fair value on 31^st December, 2013, is $1,180,000.

Evaluate amortization for 2013.

Prepare the journal entry to record the revaluation of the patent

Evaluate amortization for 2014.

Reference no: EM13351622

Questions Cloud

Qsuppose we have the following three projects up for vote a : q.suppose we have the following three projects up for vote a naval ship a hospital and a park. there are three

Qconsider that snowcastles reputation has diminished and : qconsider that snowcastles reputation has diminished and other resorts in the vicinity are changing only 60 per lift

Qkimm company has gathered the subsequent information about : qkimm company has gathered the subsequent information about its product.direct materials every unit of product contains

Q1 what steps can a government take to ensure that : q1. what steps can a government take to ensure that sustainable development is always considered in assessing which

Qsaint john corporation prepares its financial statements : qsaint john corporation prepares its financial statements according to ifrs. on 30th june 2013 the company purchased a

Q1 if one defines incremental cost as the change in total : q1. if one defines incremental cost as the change in total cost resulting from a decision and incremental revenue as

On 28th may 2013 pesky corporation acquired all of the : on 28th may 2013 pesky corporation acquired all of the outstanding common stock of harman inc. for 420 million. the

Qa survey of households in a small town showed that in 850 : q.a survey of households in a small town showed that in 850 of 1200 sampled households at least one member attended a

Q1 which of the following is true the price elasticity of : q1. which of the following is true? the price elasticity of demand for royal crown cola is equal to the price

User Account

All Pages