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What is the carrying amount of the patent on December

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Q1. On January 1, 2000, Pedigo Corporation purchased a patent for ¥7,140,000 amortized over the remaining legal life of fifteen years. During 2003, the entity determined that the economic benefits of the patent would not last longer than ten years from the date of acquisition. What is the carrying amount of the patent on December 31, 2003?

Q2. At the beginning of 2000, Pioneer, Inc. purchased a trademark for ¥500,000. The entity retained an independent consultant who determined the remaining useful life of the trademark to be fifty years. The unamortized cost of the trademark before it was bought was ¥380,000. What amount should be reported as amortization of trademark for the 2000?

Q3. R. Santiago Co. got a copyright that has remaining legal life of 40 years. The copyright initially had a 30- year useful life. An analysis of market trend and consumer habit indicated that the copyrighted material will generate positive cash flows for approximately 25 years. In years, determine the remaining useful life over which the entity can amortize the copyright?

Reference no: EM132993956

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