On January 1, 2021, Clove acquired a trademark for $125,000 that is used to identify and distinguish a leading consumer product that has been a market-share leader for the past 8 years. The trademark has a remaining legal life of 5 years but is renewable every 10 years at minimal cost. Clove intends and has the ability to continuously renew the trademark. An analysis of the product life cycle and its ability to generate future cash flows supports Clove’s position.

Clove's trademark has a(n) [ Select ] ["Indefinite", "Limited"] .

The amortization expense for this intangible asset for the year ending December 31, 2021 is $ [ Select ] ["$0", "$25,000", "$12,500"] .

On January 1, 2021, Cinnamon acquired a copyright for $360,000 with a remaining legal life of 40 years. An analysis of consumer habits and market trends provides evidence that the copyrighted material will generate cash flows for approximately 20 more years.

Clove's copyright has a(n) [ Select ] ["Indefinite", "Limited"] .

The amortization expense for this intangible asset for the year ending December 31, 2021 is [ Select ] ["$0", "$18,000", "$9,000"].

On January 1, 2021, Maize web-marketing company acquired a customer list for $250,000. Management expects that it will be able to derive benefit from the information on the list for two years, after which point it plans to sell the list for $50,000. Prior experience shows that they will be able to sell the customer list at that time; however, customer lists rarely have any economic value beyond five years.

Maize's marketing list has a(n) [ Select ] ["Indefinite", "Limited", "", ""] .

The amortization expense for this intangible asset for the year ending December 31, 2021 is [ Select ] ["$0", "$125,000", "$25,000", "$100,000", ""] .

On January 2, 2012, Yukon purchased all of the assets and assumed all of the liabilities of Gold Corporation. The acquisition price was $600,000. The fair value of HG’s assets and liabilities on the date of acquisition were $800,000 and $450,000, respectively. Yukon believes that the excess of the purchase price over the fair value of assets acquired is justified and that the future cash flows to be derived from this acquisition will sustain well into the foreseeable future.

Yukon's goodwill has a(n) [ Select ] ["Indefinite", "Limited", "", ""] .

The goodwill should be valued at [ Select ] ["$600,000", "$350,000", "$250,000", "$200,000"] as of January 1, 2021.

Answer rating: 100% (QA)

On January 221 Clove acquired adamare for 12 Fow Trademark had remory legal Iso of 5 years ... View the full answer