Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. crane ltd. has these transactions related to intan

Crane Ltd. has these transactions related to intangible assets and goodwill in 2018, its first...

70.2K

Verified Solution

Question

Accounting

imageimage

Crane Ltd. has these transactions related to intangible assets and goodwill in 2018, its first year of operations: Purchased a patent with an estimated useful life of five years for $43,370. The company that sold the patent to Collins registered the patent 10 years Jan. 2 ago. Apr1 Acquired another company and recorded goodwill of $ 296,700 as part of the purchase. July 1 Acquired a franchise for $ 235,000. The franchise agreement is renewable without charge and not expected to expire. Sept. 1 Incurred research costs of $ 141,100 Incurred development costs of $ 52,300.A marketable product has been identified and resources have been secured so that production will start next 30 year Dec. 31 Recorded annual amortization. Tested the intangible assets for impairment. Recoverable amounts exceeded carrying amounts for all intangible assets. Also tested goodwill and determined that it had a recoverable amount of $ 251,420 31

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

General Management
1.2K views

A small business owner makes a conscious decision to remain small; a high-impact entrepreneur’s goal is not...

General Management
1.2K views

what was John Lewis's role in advancing racial equality and civil rights?

Physics
1.2K views

A series RLC circuit is activated by a frequency o variable ac source of voltage...

Basic Math
1.2K views

Solve the equation over the interval 0 2TT 1 sin X cos X Jo 3...

Statistics
1.2K views

A luxury car company makes only a few cars a month In the first six...

Algebra
1.2K views

52 Year Florida s Population 1900 1910 1920 1930 1940 1950 1960 528 542 752...

Algebra
1.2K views

Which of the following values are a solution to sin 20 cos for 0 s0s...

Algebra
1.2K views

Write the equation of a sine or cosine function to describe the graph 7 m...

Accounting
1.2K views

Lubricants, Inc., produces a special kind of grease that is widely used by race car...

Accounting
1.2K views

During the year ended December 31, 2014, Gluco, Inc., split its stock on a 4-for-1...

Accounting
1.2K views

Se vende un bono de cupn semestral de siete aos por $ 1,036.73. El bono...

Finance
1.2K views

The internal rate of return: Is also...