Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the following information relates to the intangibl

The following information relates to the intangible assets of University Testing Services (UTS): a. On...

70.2K

Verified Solution

Question

Accounting

image
image
image
The following information relates to the intangible assets of University Testing Services (UTS): a. On January 1, 2021, UTS completed the purchase of Heinrich Corporation for $2,949,000 in cash. The fair value of the net identifiable assets of Heinrich was $2,650,000. b. Included in the assets purchased from Heinrich was a patent valued at $105,300. The original legal life of the patent was 20 years, there are 12 years remaining, but UTS believes the patent will be useful for only nine more years. C. UTS acquired a franchise on July 1, 2021, by paying an initial franchise fee of $278,400. The contractual life of the franchise is 8 years. Journal entry worksheet

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: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Linear Functions Fit to Data MC The graph shows a scatter plot for a set...

Statistics
Q

7,Outdoor Sports is considering adding a putt putt golf course to its facility. The course would...

Finance
Q

Hi Elizabeth. I appreciate you sharing those research findings with the class! When dealing with mergers...

Accounting
Q

Create your own care plan as if you were a person living in a nursing home....

Psychology
Q

Select the correct answer.The length, that a spring is stretched varies directly as the amount...

Basic Math
Q

Find the radius r of the circle if an arc of length 20 m on...

Calculus
Q

On July 1, 2024, Action Printers purchased a printer for $67,000. It expects the printer...

Accounting
Q

At the beginning of 2020 , Sarasota Construction Company changed from the completed-contract method to...

Accounting
Q

Please use the following information to answer the next 5 questions: Winnifred le Pooler is...

Accounting
Q

REVIEW: Use the following to answer questions 2832 TR Corp reports the following income statement...

Accounting
Q

DEBIT CREDIT ...

Accounting
Q

QUESTION 1 (35 MARK (52.5 MINUTE You are the accountant of MrClean Ltd, a manufacturer...

Accounting