Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the intangible assets section of culver company at

The intangible assets section of Culver Company at December 31, 2020, is presented below. Patents...

60.1K

Verified Solution

Question

Accounting

image
The intangible assets section of Culver Company at December 31, 2020, is presented below. Patents ($77,000 cost less $7.700 amortization) Franchises (541.000 cost less $16,400 amortization) Total $69,300 24,600 $93.900 The patent was acquired in January 2020 and has a useful life of 10 years. The franchise was acquired in January 2017 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2021. Jan 2 Paid $31.500 legal costs to successfully defend the patent against infringement by another company, Jan- Developed a new product, incurring $140,000 in research and development costs. A patent was granted for the June product on July 1. Its useful life is equal to its legal life Sept Paid $54,000 to an extremely large defensive lineman to appear in commercials advertising the company's products. 1 The commercials will air in September and October Oct. 1 Acquired a franchise for $144,000. The franchise has a useful life of 50 years

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

To study how social media may influence the products consumers​ buy, researchers collected the opening weekend...

Statistics
Q

What is the key events in Erik Erickson life that contributed to the development of his...

Psychology
Q

Product Pricing: Single Product Presented is the 2014 contribution income statement of Colgate Products. COLGATE PRODUCTS Contribution Income Statement For...

Accounting
Q

1 In the diagram on the right a plank weighing 120N is supported by two...

Physics
Q

Find the value of x and y rounded to the nearest tenth X 45 y...

Geometry
Q

*(d)r cos(x)drHint: Rewrite the integrand as rr cos(x). Now experiment as to what to set...

Calculus
Q

A house painter charges 47 for a home visit and 40 per room painted Part...

Algebra
Q

On January 1, Mitzu Company pays a lump-sum amount of $2,600,000 for land, Building 1,...

Accounting
Q

rk.asp ld 443751932 Math 1324 Math for Business-Fall 2017 / DEICRN 37923/SS Homework: Homework 9,4...

Accounting
Q

Jakes Roof Repair has provided the following data concerning its costs: ...

Accounting
Q

the following financial data were taken from the annual financial statements of Zeriton limited. current...

Accounting
Q

Consider the following bonds: Bond Maturity (years) Coupon Rate (annual payments) 0.0% 0.0% 4.5% 7.8%...

Finance