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41 several intangible assets are listed in column i for each question select the def 4297891

 

41) Several intangible assets are listed in Column I. For each question, select the definition of the intangible in Column II which describes the intangible asset. Record your choice on the line preceding the question number. An answer may only be used one time.

Column IColumn II

____

1.

Copyright

 

A)

Federal government grants that give the holder the exclusive right for 20 years to produce and sell an invention.

____

2.

Franchises and licenses

 

B)

A distinctive identification of a product or service.

____

3.

Goodwill

 

C)

Excess of the cost of an acquired company over the sum of the market values of its net assets.

____

4.

Patent

 

D)

Exclusive right issued by the federal government to reproduce and sell a book, musical composition, film or other work of art extending for 70 years beyond the author's life.

____

5.

Trademark, trade name

 

E)

Privileges granted by a private business or a government to sell a product or service in accordance with specified conditions.

 

 

 

 

 

 

 

 

 

 

 

 

42) On June 1, 2011, Conqueror Company purchased Standard Corp for $26 million cash. At the time of purchase, the market value of Standard's assets was $24,000,000 and Mollie had liabilities of $3,000,000.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

43) On June 1, 2011, Conqueror Company purchased Standard Corp for $26 million cash. At the time of purchase, the market value of Standard's assets was $24,000,000 and Mollie had liabilities of $3,000,000.

At the end of 2012, Conqueror estimated the goodwill on the Standard purchase to be worth only $3,500,000.

Prepare the journal entry to record the change in the value of the goodwill.

 

 

 

 

 

 

 

 

 

 

 

 

 

44) ABC Company purchased XYZ Company for $3,700,000 in cash. The market value of XYZ Company's assets and liabilities on the acquisition date were $4,000,000 and $1,500,000, respectively.

Compute the cost of the goodwill purchased by ABC Company and journalize the entry to record the acquisition. How will the company account for this goodwill in future accounting periods?

 

 

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