Advanced Accounting

 Intermediate Accounting Essay

ACCT 551 – Intermediate Accounting - II

Week – one particular Assignment

Part 12

Electronic 12-4 Shown below is selected data for Palmiero Company.

1 ) Palmiero purchased a obvious from Vania Co. for $1, five-hundred, 000 about January you, 2010. The patent is being amortized more than its leftover legal existence of 10 years, expiring about January 1, 2020. During 2012, Palmiero determined that the economic benefits associated with the obvious would not last longer than 6 years from your date of acquisition. What amount should be reported in the balance sheet pertaining to the obvious, net of accumulated amortization, at December 31, 2012?

Solution:

Amortization in 2010 & 2011 = (1500000/10) * 2 = three hundred, 000

Amount for 2012 = (1500000-300000) as well as (6-2) sama dengan 300, 1000

Total Built up amortization: six-hundred, 000

Palmiero should record the obvious at (1500, 000-600, 000) = nine hundred, 000

2 . Palmiero bought a franchise from Dougherty Company. on January 1, 2011, for $350, 000. The carrying amount of the business on Dougherty's books in January one particular, 2011, was $500, 1000. The operation agreement recently had an estimated valuable life of 30 years. Mainly because Palmiero need to enter a competitive putting in a bid at the end of 2020, it really is unlikely which the franchise will be retained further than 2020. What amount ought to be amortized for the year ended December 23, 2012?

Solution: Palmiero ought to amortize (350, 000/10) = 35, 000 on January 31 2012

3. On January you, 2010, Palmiero incurred firm costs of $275, 500. What amount of business expense ought to be reported this year?

Solution: 275, 000 ought to be reported while this was the fee that was incurred.

4. Palmiero purchased the license intended for distribution of a popular customer product about January one particular, 2012, pertaining to $150, 000. It is anticipated that this merchandise will generate cash moves for an imprecise period of time. The license has an initial term of your five years but by paying a nominal fee, Palmiero can renew the certificate indefinitely for...

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