Evaluate amortization for 2013

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Reference no: EM135645

Saint John Corporation prepares its financial statements according to IFRS. On 30^th June, 2013, the company purchased a franchise for $1,200,000. The franchise is expected to have a 10-year useful life with no residual value. Saint John uses the straight-line amortization technique for all intangible assets. On 31^st December, 2013, the end of the company's fiscal year, Saint John selects to revalue the franchise. There is an active market for this particular franchise and its fair value on 31^st December, 2013, is $1,180,000.

Evaluate amortization for 2013.

Prepare the journal entry to record the revaluation of the patent

Evaluate amortization for 2014.

Reference no: EM135645

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