Reference no: EM132943883
Question - Titans acquired two intangible assets between 2015 and 2016.
- A patent related to a novel investment strategy that was purchased on January 1, 2015, for $50,000. Titans incurred $120,000 to defend this patent on the same date and they received good news that its patent was valid. Titans also paid $50,000 for registration of the patent. This patent is estimated to have a useful life of 10 years.
- A copyright (investment lecture material) was developed internally at a cost of $24,000 on January 1, 2016. Titans also incurred $16,000 to register the copyright. This lecture material as an indefinite useful life.
1. At what amount should patent (net of accumulated amortization) on the December 31, 2016 balance sheet, assuming straight line basis amortization?
a. 136,000
b. 176,000
c. 198,000
d. 220,000
2. At what amount should copyright (net of accumulated amortization) on the December 31, 2016 balance sheet, assuming straight line basis amortization?
a. 16,000
b. 32,000
c. 12,800
d. 40,000
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