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Financial statements according to ifrs

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Reference no: EM13997422

On September 30, 2009, Leeds LTD. acquired at patent in conjunction with the purchase of another company. The patent, valued at $6 million, was estimated to have a 10-year life and no residual value. Leeds uses the straight-line method of amortization for intangible assets. At the beginning of January 2011, Leeds successfully defended its patent against infringement. Litigation costs totaled $500,000.

Required:

1. Calculate amortization of the patent for 2009 and 2010.

2. Prepare the journal entry to record the 2011 litigation costs.

3. Calculate amortization for 2011.

4. Repeat requirements 2 and 3 assuming that Leeds prepares its financial statements according to IFRS.

Reference no: EM13997422

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