Acc 312 chp 12 & 13 1.On January 1, 2022, Springsteen AG acquires a customer list for €400,000. Springsteen estimates that this customer list will generate value for at least 5 years. At the end of 3 years, Springsteen plans to sell the customer list to another company for €62,500. On Springsteen’s income statement for the year ended December 31, 2022, how much amortization expense would it report?
2. Eisenhower Corporation purchased a patent for $1,850,000 on November 30, 2020. It has a remaining legal life of 18 years. Eisenhower estimates that the remaining useful life of the patent is 15 years. What balance will be reported on the December 31, 2022 balance sheet for the patent (if necessary, round your answer to the nearest dollar)?
25( 1+12+12) nov 30 2020 till dec 2022 180 15x12 (15 years have 12 months)
3.Kern plc began operating as a business in 2022. During January 2022, the company paid £300,000 in design costs to develop its trademark and £250,000 in legal and registration fees to secure the trademark. During October 2022, the company successfully defended its trademark, paying an additional £150,000 in legal fees during the process. At what amount should Kern plc report its trademark on the acquisition date prior to amortization?
