The following information concerns the intangible assets of Baez Corporation:On June 30,2024, Baez completed the...
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The following information concerns the intangible assets of Baez Corporation:On June Baez completed the acquisition of the Johnstone Corporation for $ in cash. The fair value of the net identifiable assets of Johnstone was $Included in the assets purchased from Johnstone was a patent that was valued at $ The remaining legal life of the patent was years, but Baez believes that the patent will only be useful for another eight years.Baez acquired a franchise on October by paying an initial franchise fee of $ The contractual life of the franchise is years. Record the goodwill amortization, amortization of a patent and then a franchise. Prepare the intangible asset section of the December balance sheet.
The following information concerns the intangible assets of Baez Corporation:On June Baez completed the acquisition of the Johnstone Corporation for $ in cash. The fair value of the net identifiable assets of Johnstone was $Included in the assets purchased from Johnstone was a patent that was valued at $ The remaining legal life of the patent was years, but Baez believes that the patent will only be useful for another eight years.Baez acquired a franchise on October by paying an initial franchise fee of $ The contractual life of the franchise is years. Record the goodwill amortization, amortization of a patent and then a franchise. Prepare the intangible asset section of the December balance sheet.
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