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PSC 12 - Name Date PROBLEM SET CHAPTER 12(5 POINTS EACH...

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Name: __________________________ Date: _____________ PROBLEM SET – CHAPTER 12 (5 POINTS EACH) ACCOUNTING 2303 1. How are limited-life intangibles accounted for subsequent to acquisition? 2. Intangible assets theory. It has been argued on the grounds of conservatism that all intangible assets should be written off immediately after acquisition. Discuss the accounting arguments against this treatment. Page 1
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3. Carrying value of patent. Fehr Co. purchased a patent from Wells Co. for $180,000 on July 1, 2004. Expenditures of $51,000 for successful litigation in defense of the patent were paid on July 1, 2007. Fehr estimates that the useful life of the patent will be 20 years from the date of acquisition. Instructions Prepare a computation of the carrying value of the patent at December 31, 2007.
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4. Impairment of copyrights. Presented below is information related to copyrights owned by Wamser Corporation at December 31, 2006. Assume Wamser will continue to use this asset in the future. As of December 31, 2006,
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PSC 12 - Name Date PROBLEM SET CHAPTER 12(5 POINTS EACH...

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