What is the carrying amount of the copyright at December

Assignment Help Accounting Basics

Reference no: EM132718086

Question - On January 1, 2016, Sassou Corp. acquired a copyright on a book of photographs from the estate of a world renowned photographer who died in late December 2015, for a price of P500,000. Sassou's CEO knows that copyrights normally cover the lifetime of the artist plus 50 years, but she has heard of a recent court case that extended the legal life by an additional 20 years. Other similar books sold by Sassou for deceased photographers typically remain popular for only 10 years. What is the carrying amount of the copyright at December 31, 2016?

Reference no: EM132718086

Questions Cloud

What proposals would share with the committee : As a newly appointed member to an NCAA committee on athletic spending, What proposals would you share with the committee?

Explain how you will evaluate the clients progress : Develop insight on anxiety, obsessive-compulsive disorders, and trauma and stressors - develop in this assignment will be incorporated

What important contributions can you make : What important contributions can you, as an educated accountant? with your unique skills, make to an enterprise's computer acquisition process?

What are the tax related journal entries to record income : What are the tax related journal entries to record income taxes for 2019. Show in detail computations to support your answers.

What is the carrying amount of the copyright at December : Other similar books sold by Sassou for deceased photographers typically remain popular for only 10 years. What is the carrying amount of copyright at December

Technology security education within organizations : Discuss the importance of user technology security education within organizations. What topics should be included in security education and training?

What should johnny do : Johnny owns a brewery. Year end is August/31. What should Johnny do? Consider if the contract is cancellable / non-cancellable, onerous/not onerous?

What was overhead at the end of the year : Dexter Ace Corp uses direct labour-hours in its predetermined overhead rate. At the beginning of the year, the estimated direct labour-hours were 17,900 hours.

What are the different types of inventories : What are the different types of inventories? Why do we need to discuss LIFO liquidations in the notes to F/S? What do they tell F/S readers

User Account

All Pages