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): ...

60.1K

Verified Solution

Question

Accounting

The following information relates to the intangible assets of University Testing Services (UTS):
On January 1,2024, UTS completed the purchase of Heinrich Corporation for $3,408,000 in cash. The fair value of the net identifiable assets of Heinrich was $3,100,000.
Included in the assets purchased from Heinrich was a patent valued at $104,850. 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.
UTS acquired a franchise on July 1,2024, by paying an initial franchise fee of $292,800. The contractual life of the franchise is 8 years.
Required:
1. Record amortization expense for the intangible assets at December 31,2024.
2. Prepare the intangible asset section of the December 31,2024, balance sheet.

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

Economics
1.2K views

1. Explain the three key functions of the Bank of Canada In the Canadian banking system, the...

Chemistry
1.2K views

PLEASE ANSWER THOROUGHLY AND BREAK DOWN EACH STEP. THANK YOU!! Characteristics of Chemical Equilibrium The purpose of this...

Basic Math
1.2K views

Mrs. Browne wants to start a college fund for her newest addition, Wade. She makes...

Basic Math
1.2K views

About 9% of the population has a particular genetic mutation. 500 people are randomly selected.Find...

Algebra
1.2K views

Write the Hindu Arabic numeral as a Mayan numeral 33 Which of the following is...

Accounting
1.2K views

Wildhorse Co. Ltd. publishes a monthly sports magazine,...

Accounting
1.2K views

The European Union has its own currency, the EURO. Years ago, when you...

Accounting
1.2K views

ABC Corporation processes a single type of steel. For the current period the following information...

Accounting
1.2K views

when a company sells a short - term available - for - sale security, the...

Accounting
1.2K views

Exercise 10-18 (Algorithmic) Recording Stock Transactions Irons Incorporated entered into the following stock transactions: Apr....

Finance
1.2K views

Question 4 (1 point) If the Present Value of all estimated futures costs of a...

Finance
1.2K views

Which of the following about core competencies is incorrect: Select one: a. Successful firms focus...