Reference no: EM132937425
Questions -
Q1. On January 1, 2018, EM purchased a patent for a new consumer product for 4,800,000. At the time of purchase, the patent was valid for 10 years. However, the patent's useful life was estimated to be only 8 years due to the competitive nature of the product. On December 31, 2020, the product was permanently withdrawn from sale under government order because of a potential health hazard in the product. What amount should EM charge against income during 2020, assuming amortization is recorded at the end of the year?
Q2. On January 1, 2021, EN Company had capitalized cost of 5,000,000 for a new computer software with an economic life of years. Sales for 2021 amounted to 3,000,000. The total sales of software over its economic life are expected to be 10,000,000. The pattern of future sales cannot be measured reliably. On December 31, 2021, the software had a net realizable value of 4,500,000. What net amount of the capitalized software cost should be reported on December 31, 2021 statement of financial position?
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What will be the total value of the account
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