Flounder, Inc. paid a graphic design firm $35,000 on June 30, 2005, to design its trademark....
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Flounder, Inc. paid a graphic design firm $35,000 on June 30, 2005, to design its trademark. Flounder's in-house attorney registered the trademark on July 1, 2005. Registration fees total $1,500. The company intended to renew the trademark indefinitely. The company's attorney renewed the trademark for another 10 years on July 1, 2015. Registration fees were $2,000. The straight-line method is used by Flounder to amortize intangibles. On December 31, 2019, the company decided a more updated trademark was needed. Flounder intends to go back to the graphic design firm in 2020 and expects to roll out the new trademark beginning July 1, 2022. What is the carrying cost of the trademark as of December 31, 2019? What will amortization expense be in 2020? O $715; $37,795 O $38,500; $1,674 O $3,500; $3,500 O $38,500; $15,400 O $51,540; $22,050 O $3,500; $35,000 Flounder, Inc. paid a graphic design firm $35,000 on June 30, 2005, to design its trademark. Flounder's in-house attorney registered the trademark on July 1, 2005. Registration fees total $1,500. The company intended to renew the trademark indefinitely. The company's attorney renewed the trademark for another 10 years on July 1, 2015. Registration fees were $2,000. The straight-line method is used by Flounder to amortize intangibles. On December 31, 2019, the company decided a more updated trademark was needed. Flounder intends to go back to the graphic design firm in 2020 and expects to roll out the new trademark beginning July 1, 2022. What is the carrying cost of the trademark as of December 31, 2019? What will amortization expense be in 2020? O $715; $37,795 O $38,500; $1,674 O $3,500; $3,500 O $38,500; $15,400 O $51,540; $22,050 O $3,500; $35,000
Expert Answer:
Answer rating: 100% (QA)
As per IAS 38 an intangible asset with indefinite usefu... View the full answer
Related Book For
Smith and Robersons Business Law
ISBN: 978-0538473637
16th edition
Authors: Richard A. Mann, Barry S. Roberts
Posted Date:
Students also viewed these accounting questions
-
What is the carrying value of a bond?
-
What is the carrying value of a long-lived asset?
-
What is the carrying value of a bond payable?
-
The cable is subjected to a uniform loading of w = 60 kN/m. Determine the maximum and minimum tension in cable. -100 m- 12 m
-
The Pluto Corporation has been mining ore in Oklahoma for many years. A new mine just developed is producing ore that contains uranium. Pluto would like to know the rate of the severance tax on mined...
-
Find the following indefinite integrals. [2 sind dx
-
Compare the schemes introduced for the linear convection equation. a) Simple explicit schemes (7.6), (7.7), and (7.8) b) Simple implicit scheme (7.19) c) Leapfrog scheme (7.21) d) Lax-Wendroff scheme...
-
Borkenstick makes a very popular undyed cloth sandal in one style, but in Regular and Deluxe. The Regular sandals have cloth soles and the Deluxe sandals have cloth covered wooden soles. Borkenstick...
-
hello Entries for issuing bonds and amortizing discount by straight-line method On the first day of its. fiscal year, Chin Company issued \( \$ 11,800,000 \) of 5 -year, \( 11 \% \) bonds to finance...
-
After watching the Belgian / French film "Fear and Trembling" - [rental link - Rental link to the Belgian / Japanese film Prompt 1: Imagine that you took over Amelie's position in that company after...
-
Data table Summer Fun Contribution Margin Income Statement (Variable Costing) For Sales Volume of 33,000 Units Sales revenue Total $ 495,000 Less variable expenses: Variable manufacturing costs (DM,...
-
Name the seven diatomic elements in order ofincreasing Z. hydrogen, nitrogen, fluorine, oxygen, iodine,chlorine, bromine Identify the name for each polyatomic ionshown. CO 3 2- , ClO 4 - , PO 4 3- ,...
-
1. Management and leadership are two distinctive but complementary systems of action. Elaborate on the key differences between management and leadership Question 2 (15 Marks) The plans, which are...
-
Write a chemical equationfor H2SO4( a q ) showing how it is an acidor a base according to the Arrhenius definition. Write a chemical equationfor HBr( a q ) showing how it is an acidor a base...
-
What comparable firms do you recommend as the appropriate benchmarks forevaluating the risk of Ameritrade's planned advertising and technology investments?Fully elaborate your answer.
-
An AM station broadcasts rock music at 8.10 x 102 on your radio dial. Units for AM frequencies are given in kilohertz (kHz). Find the wavelength of the station's radio waves in meters (m), nanometers...
-
In chapter 4, how does the unique risk map for Statoil differentiate itself from other organizations? Question 15 options: A) It considers a correlated solution of both upside risk and downside risk...
-
Use of the contraceptive Depo Provera appears to triple women's risk of infection with chlamydia and gonorrhea , a study reports today. An estimated 20 million to 30 million women worldwide use Depo...
-
Explain whether the following instrument is negotiable. March 1, 2014 One month from date, I, James Jimson, hereby promise to pay Edmund Edwards: Six Thousand, Seven Hundred Fifty ($6,750.00)...
-
Johnson and Wilson were the principal shareholders in Matthew Corporation, located in the city of Jonesville, Wisconsin. This corporation was engaged in the business of manufacturing paper novelties,...
-
Mary Mansi, claims that eighteen checks on her account contain forgeries but were paid by the defendant bank, Sterling National Bank. The checks bore signatures which, according to the plaintiff's...
-
A lessee is evaluating whether a lease term is a major part of the remaining life of an asset in order to determine the proper lease classification. The lessee leases office space through a lease...
-
On January 1, 2020, Lessee Company leases a vehicle with a fair value of \(\$ 30,000\) from Lessor Company for 3 years, with no renewal options. The estimated life of the vehicle is 6 years and...
-
For each of the following four separate finance lease scenarios, determine the lease payment that the lessee should use to determine the appropriate lease classification. a. Lease payments are \(\$...
Study smarter with the SolutionInn App