Nevada's Manufacturing paid cash to purchase the assets of an existing company. Among the assets purchased were
Question:
Nevada's Manufacturing paid cash to purchase the assets of an existing company. Among the assets purchased were the following items.
Patent with 5 remaining years of legal life ...... $32,000
Goodwill ................... 36,000
Nevada's financial condition just prior to the purchase of these assets is shown in the following statements model:
Required
a. Compute the annual amortization expense for these items if applicable.
b. Record the purchase of the intangible assets and the related amortization expense for year 1 in a horizontal statements model like the precedingone.
An intangible asset is a resource controlled by an entity without physical substance. Unlike other assets, an intangible asset has no physical existence and you cannot touch it.Types of Intangible Assets and ExamplesSome examples are patented...
Transcribed Image Text:
Assets = Liab. + Equity[Rev. Exp. Net Inc. | Cash Flow - - Cash +Patent Goodwill 94,000 + NA + NA - NA + 94,000|NA - NA = NA NA
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a Patent 32000 5 6400 per year The goodwill is not amortized b Nevadas M...View the full answer
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