Pleas answer these MCQs Correctly. Very Important. May relate to Canadian ASPE or IFRS.

On January 1, 2014 Payton Inc. purchased a patent. At that time, the patent was recorded at $2.3 million and was expected to have a useful life of 20 years. Between 2014 and 2018 the patent was not impaired. Assuming that no revisions to the useful life were required, amortization expense for 2018 was O nil. $121,053 $184,000. ts by Study to search NEXT the usually broken down into the 0 acquisition and disposal stages exploitation and disposal stages. Question Attempts: 0 of 1 used SAVE FOR LATER ION RESOURCES Practice Question 5 Goodwill is the excess of purchase price of the acquired enterprise over the -DUE DEC Question 9 O book value of the identifiable net assets acquired. ues estion 7 book value of the tangible net assets acquired. estion 8 O fair value of the identifiable net assets acquired 0 fair value of the tangible net assets acquired. estion 18 uestion 27 SUB Question Attempts: 0 of 1 used SAVE FOR LATER NEXT UE DEC Practice was as follows: relating to Paddy $0.1 million Kasper will recognize goodwill of s0.2 million Question Attempts: 0 of 1 used sear the entity has sufficient resources to complete the project O all of the above criteria, in addition to others, must be met in order for development costs to be capitalized to search RESOURCES DUE DEC Practice Question 16 Which of the following is not a characteristic of intangible assets? tter estion 1 O They lack physical existence. O They are not financial instruments. O They are long-term in nature. O They are all subject to amortization. estion 7 uestion 1 estion uestion 27 lts by Study Question Attempts: 0 of 1 used SA SRA 3 Open Assignment I MESSAGE MY INSTRUCTOR | | FULL SCREEN RESOURCES Testbank Question 6 Which of the following legal fees should be capitalized? -DUE DEC estion 1 uestion 9 estion 5 estion 7 estion 8 Legal fees to obtain a franchise Legal fees to successfully defend a trademark O No No Yes Yes No estion6 No uestion 18 Yes estion 27 Yes ilts by Study Question Attempts: 0 of 1 used SAVE FOR LATEL NEXT $240,000 87,000 58,000 360,000 (either deferred or capitalized) in 2017 is MESSAGE MY INSTRUCTOR FULL SCREEN PR RESOURCES Practice Question 18 - DUE DEC Which of the following costs would not be incdluded in the cost of a patent? O Filing fees. O Research and development costs related to product development. O Legal fees to file for patent protection. O The purchase price. tion 1 uestion 9 uestion 5 estion 7 estion 8 estion 16 estion 6 uestion 13 uestion 1 uestion 27 Question Attempts: 0 of 1 used SAVE F ults by Study MESSAGE MY INSTRUCTOR FULL SCREEN RESOURCES Testbank Question 27 Which of the following is an example of a limited-life intangible asset? DUE DEC uestion 1 Question9 uestion 5 O patent estion estion8 estion 16 Duestion 6 O trade name goodwill trademark uestion 13 uestion 19 uestion 27 SA Question Attempts: 0 of 1 used lts by Study