Beta Ltd owns several fishing licences for its Charter Boats purposes that have a 10-year life of
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Beta Ltd owns several fishing licences for its Charter Boats purposes that have a 10-year life of which six years remain. These licences are currently being carried at a book value of $3,000,000 (being Cost $5,000,000 less Accumulated Amortisation $2,000,000). The licences can be traded in an active market and have a fair value of $4,000,000.
How should the licences be reported in accordance with AASB 138 'Intangible Assets'. Your answer should include the carrying amount and whether the licences can be amortised.
Related Book For
College Mathematics for Business Economics Life Sciences and Social Sciences
ISBN: 978-0321614001
12th edition
Authors: Raymond A. Barnett, Michael R. Ziegler, Karl E. Byleen
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